Apr. 9, 2012 (China Knowledge) - China Vanke Co Ltd<000002
>, the country's largest listed residential property developer, has acquired a piece of land in Tangshan
Province in a land auction, the firm's first land purchase this year.
The plot, located in the city's Lubei District, covers an area of approximately 213,800 square meters and will have a floor area of 628,000 sq m.
On the site, Shenzhen-listed
Vanke expects to start its third Tangshan
project, said a person familiar with the matter.
In 2010, the real estate developer set foot in Tangshan
's property sector with a high-end villa project and launched another project in the city last year.
All the three projects are located in the eastern, western and southern area of Tangshan
In the first quarter of this year, Vanke sold around 3 million sq m of properties for a total of RMB 31.07 billion, of which RMB 11.52 billion was derived from sales in March alone.