China Yanlord Land-led offer for Singapore property firm lapses

Singapore River skyline.

China-based Yanlord Land Group and Perennial Real Estate Holdings said on Tuesday their more than $1 billion offer for a stake in Singaporean property firm United Engineers had lapsed.

Yanlord received shareholder acceptances representing just 1.4 percent of the total number of United Engineers ordinary shares, Yanlord and Perennial said in a joint statement.

The deal had valued United Engineers and a unit at about S$1.83 billion ($1.36 billion), in one of the biggest property takeover deals in Singapore in recent years.

Singapore’s Oversea-Chinese Banking Corp and its insurance arm in July agreed to sell their stakes in United Engineers to a group led by Yanlord Land and Perennial.