Developer accelerates land purchase

China Vanke aims to nearly double acquisition of land this year as the property developer strives for 30% profit growth, the South China Morning Post reported. The Shenzhen-listed firm wants to buy 10 million square meters of land for US$1.49 billion, compared to the 6.5 million square meters it purchased last year for US$1 billion, chairman Wang Shi said. Vanke had a land bank of 10.52 million square meters at the end of last year, and plans to enter joint ventures as it snaps up more acreage. Wang said the company would eventually like to list in Hong Kong, but that the opportunity had not yet arisen.