Vanke starts RMB 5-bln property project in Qingdao
China Vanke Co Ltd<000002><200002>, the country's largest publicly traded residential properties developer, on Jun. 10 officially started a residential property project with investment of RMB 5 billion in Sifang District, Qingdao, Shandong Province, sources reported.
The project covers a land area of 311,000 square meters (sq m) and has a potential floor area of 820,000 sq m, of which 150,000 sq m started construction last year and will be completed in January 2010.
Wang Shi, board chairman, on Jun. 10 said that Qingdao City is one of the four major cities that the firm will focus on this year whether the real estate market is sluggish or not. In 2010, Vanke will start between five and ten projects in the city.
On Jun. 8, the Chongqing land resources and housing department announced that it began to sell 23 pieces of land, one of which, located in Jiangbei District, Chongqing Municipality, has a starting price of RMB 2.9 billion. An insider of the real estate industry said that Vanke paid RMB 1 billion in advance for the parcel, but the enterprise has not confirmed this.
Vanke acquired six pieces of land in second-tier Chinese cities for a total of RMB 2.31 billion last month, China Knowledge reported earlier.
|
|
|
|
