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Vanke wins land bid in Nanjing for RMB 941 mln

Jun. 7, 2012 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer by market value, yesterday won a land bid in Nanjing, capital of Jiangsu Province at a consideration of RMB 941 million, more than the starting price of RMB 921 million in the land auction.

The plot, which costs RMB 5,158 per square meter of potential floor area, covers an area of 76,336 sq m, with a floor area ratio of up to 2.39.

Analysts said Vanke has acquired eight pieces of land, principally in China's third and fourth-tier cities, so far this year, 17 less than the company acquired in the same period of last year.

In the first five months of 2012, the Shenzhen-listed real estate developer reaped RMB 49.22 billion in sales revenue, sliding 0.06% from a year earlier, but its sales area climbed 0.06% YoY to 4.8 million sq m.

Vanke aims to earn RMB 148 billion in sales revenue this year, according to local media reports.

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