Vanke, Greenland buy Shanghai land for RMB5bn

A group of developers bought a commercial land plot in Shanghai for RMB5.43 billion (US$868.6 million), the priciest land sale in the city this year, South China Morning Post reported. China Vanke (000002.SZ, 200002.SZ), the country’s largest property developer by market share, and Greenland Group lead Guangzhou Gangjie and Ziuzhi Hotel Management to win bidding for the site spanning 107,486 square meters near Shanghai South Railway Station. The plot houses mainly residential properties now but has potential to become a second-tier business district in future, said Jim Yip Kin-shing, the managing director of investment at DTZ China. As the property market stabilized this year, Vanke and the other three major Chinese developers – Poly Real Estate, China Overseas and Evergrande Real Estate – have spent RMB104.09 billion on land acquisitions in the year to December 6.