China Vanke makes first venture into US market
China Vanke Co Ltd, China's largest real estate developer by market value, has teamed up with US real estate firm Tishman Speyer Properties to jointly develop a plot of land in San Francisco, the company confirmed on Monday.
It is the developer's first venture into the US market.
However, details of the deal, such as the investment amounts for the project and the time frame for the development, will not be available until senior management returns to work on Friday, a company spokesman said.
Wang Shi, China Vanke's chairman, said on his micro blog last week that Vanke would sign an agreement on Feb 13 to invest in its first project in the US.
The company is aiming to strengthen its globalization strategy after announcing a plan last month to move trading of its non-renminbi shares to Hong Kong.
Tan Huajie, Vanke board secretary, said: "After 30 years of development, our 'going global' strategy is on the agenda, and access to an open international capital market is highly necessary for such a strategy."
Last year, the company set up a special team to research business development in the US, and Tan added: "I believe it could make some progress this year."
The Shenzhen-based developer joined hands with New World Development Co last month to buy a residential site in Hong Kong for HK$3.4 billion ($439 million), its first project outside the Chinese mainland.
But Vanke President Yu Liang said the focus of the company's business in the coming decade will remain on the mainland.