Property developer Yanlord bought a 51 per cent stake in Nanjing Daji Real Estate Development for 1.25 billion yuan ($263 million).
Nanjing Daji owns a low-density residential development site with total gross floor area of approximately 327,000 sq m neighbouring the scenic Nanjing Daji Botanical Gardens. Yanlord said that with a low-density plot ratio of approximately 0.7 times, "the site is ideal for the development of an exclusive gated estate".
Mr Zhong Sheng Jian, Yanlord's chairman and chief executive officer, said: "With a steady recovery in the Nanjing property market, prices for quality residential development land have begun to rise."
Property developer Bukit Sembawang Estates saw its profits unchanged even as revenue took a tumble in the three months to March 31.
Net earnings came to $6.9 million, just up 0.1 per cent from the same period last year. Revenue, on the other hand, plunged 81.8 per cent to $12.2 million. Net asset value was $4.98 as at March 31, while earnings per share was 2.67 cents.
Said the firm: "The Singapore residential property market sentiment is expected to remain weak due to continuing effects of government cooling measures. The operating environment continues to be challenging in the current financial year with the subdued economic outlook."
The company is proposing a dividend of four cents and a special dividend of 29 cents.
Battery maker GP Batteries saw its losses widen as volatility in the foreign exchange markets hit its bottom line.
The firm saw losses mount to $10.1 million in the three months to March 31, more than four times the size of the $2.3 million loss a year ago.
A big chunk of the loss was due to foreign exchange differences, which cost the firm more than $6 million, while it took a $2.9 million impairment on goodwill.
Revenues dipped slightly by 0.6 per cent to $169.7 million. Net asset value stood at $1.47 as at March 31, while losses per share grew to 6.85 cents from 1.4 cents in the previous three months.
GP said that price competition in the field was getting more intense even as the demand for batteries was slowing.