A subsidiary of Huaye Group (UOL) has joined hands with Chinese companies to win a residential land in Shanghai for RMB 9 billion (about S$1.7 billion) to expand the group's real estate development territory in China.

Qinruijia (Shanghai) Real Estate Co., Ltd., an indirect subsidiary of Huaye Group, forms a joint venture with China Jinmao to participate in the land bidding of the Shanghai Hongkou District Government at a ratio of 10:90. The land covers an area of ​​19,319 square meters and has a land use period of 70 years.

UOL Capital Investments, a subsidiary of Huaye Group, will provide RMB 358.6 million in funds for the project, equivalent to indirect holdings of 4% of the equity.

Huaye Group stated in the announcement that the project will be financed through existing funds, external lending and proportional loans provided by shareholders. The Group expects that the acquisition will not have a significant impact on profits for the fiscal year ended December 31, 2025.

Huaye Group closed at 5.12 yuan on Thursday, up 0.2%.