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Vanke to set up its intn'l business HQ in Hong Kong

Jun. 15, 2012 (China Knowledge) – China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer by market value, announced that it plans to set up an overseas division in Hong Kong to promote its international business, sources reported.

Vanke will also invest in the United States and other developed markets, said Yu Liang, chairman of China Vanke.

Last month, the property developer bought a 73.91% stake in Hong Kong-listed Winsor Properties Holdings Ltd with a transaction value of HK$1.08 billion.

In the first five month of this year, the Chinese residential property giant saw its property sales amounted to RMB 49.22 billion, down 8% from the corresponding period of last year. Its sales area rose 6% YoY to 4.80 million sq m during the period, China Knowledge reported earlier.

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