China Vanke buys land in Changchun for RMB 1 bln

Oct. 20, 2009 (China Knowledge) - China Vanke Co Ltd<000002><200002> recently won the bid for a piece of land in Changchun in Northeast China's Jilin Province for RMB 1 billion, the official Xinhua News Agency reported yesterday.

The land parcel, located in Erdao District, Changchun, has a potential floor area of 228,000 square meters.

The deal is the city's largest this year in terms of both land area and transaction amount.

In early September, Poly Real Estate Group Co Ltd<600048>, a leading Chinese property developer and a subsidiary of state-owned Poly Group, won the bid for piece of land in the city's Jingyue Development Zone for RMB 541 million.

China Vanke's sales revenue was RMB 5.46 billion in September, up 27% year on year or 13.3% month on month. Sales area climbed 0.8% year on year or 8.5% month on month, hitting 537,000 sq m, according to an earlier report from China Knowledge.