Business· Real Estate

China Vanke to invest RMB 50 billion in Qinghai province

minutes 2019/07/23 07:58:29
Vanke, Xining, real estate

Jul 23, 2019 (China Knowledge) - China Vanke, the country's largest property developer, plans to invest about RMB 50 billion (USD 7.3 billion) in Xining, the capital of China's central Qinghai province. It is reported that this Shenzhen-based company and the local government in Xining have signed a strategic cooperation framework agreement.

Vanke first invested in Xining in July 2018, placing a bid of RMB 2.4 billion (USD 348.8 million) for three plots of land covering 27.2 hectares in Nanchuan district. The floor prices for the three plots were RMB 3,480 (USD 505.80), RMB 3,480, and RMB 3,223 per square meter. Vanke will use Xining as its main operating ground for its mid and long-term layout. It will become more involved in forming the city into a “green” development model.

Vanke's move aims to upgrade and perfect city functions, as well as to improve citizens' living conditions in Xining. This will help promote transformation and upgrades in Xining city, and will aid in the coordinated development of the regional economy.

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