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China Vanke buys land in Chongqing for RMB 1.62 bln

Jul. 30, 2012 (China Knowledge) - China Vanke Co Ltd<000002><200002>, the country's largest listed residential property developer by market value, last week won the bid for piece of land in Chongqing for RMB 1.62 billion, sources reported.

The land, located in the city's Shapingba District, cost the developer RMB 2,314 per square meter of floor area.

On Jul. 5, China Vanke won the bid for the II-3-C plot in Yinzhou Investment and Incubation Center of Ningbo City at RMB 5,800 per sq m of floor area.

The company in June spent RMB 2.1 billion to add five development projects as the real estate market seems to warm up as a result of the Chinese government efforts to boost domestic economy.

In the first six months of this year, the company's property sales amounted to RMB 62.54 billion, reflecting a narrowed decline of 4.74% from the corresponding period of last year. Sales area rose 6.54% YoY to 6.03 million sq m during the period, China Knowledge reported earlier.

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