Apr. 23, 2012 (China Knowledge) - China Vanke Co Ltd<000002
>, the country's largest listed residential property developer, had acquired a piece of land in a land auction in Qingdao
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
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.