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Vanke wins land bid in Qingdao

Apr. 23, 2012 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer, had acquired a piece of land in a land auction in Qingdao, Shandong Province on Apr. 20, at a consideration of RMB 570 million.

The plot, located in the city's Sifang District, cost RMB 4,585 per square meter of potential floor area. On the 38,775-sq m site, commercial properties are required to build with a floor area ratio not exceeding 3.2. Green space ratio would not be less than 30%.

This was the second plot the Shenzhen-listed property developer acquired this year. On Apr. 6, the company won a land bid in Tangshan, Hebei Province for RMB 190 million.

In 2011, Vanke reaped RMB 71.78 billion in operating revenue, reflecting a year-on-year increase of 41.5%. The company sold 10.75 million sq m of properties for a combined RMB 121.54 billion last year, up 19.8% and 12.4% from a year earlier, respectively.

Vanke currently owns property business in 31 major Chinese cities, principally in the Pearl River Delta, the Yangtze River Delta and the Bohai Economic Rim.

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