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30-06-2017, 02:35 PM
This Developer Just Closed Largest Land Deal in China's History
By Paul Panckhurst
June 30, 2017, 12:16 PM GMT+8
China Vanke Co., one of China’s biggest developers, just swooped in to scoop up land in the heart of Guangzhou, a giant southern city. The deal was announced just as founder Wang Shi is handing over the reins to Yu Liang. Here’s five things to know about a mega-transaction that came out of nowhere.
1. $8 billion deal
The price tag: 55.1 billion yuan ($8.1 billion). The former owner: Guangdong International Trust & Investment Corp., that went bankrupt almost two decades ago. The package includes: 16 parcels of land expected to have a gross floor area of 2.1 million square meters, along with “creditor’s rights."
2. Empire State, multiplied
Vanke’s plans represent the equivalent of eight Empire State Buildings. That’s based on the floor area that the company envisages as it develops residential and commercial properties, hotels and offices.
More details in https://www.bloomberg.com/news/articles/...-s-history
By Paul Panckhurst
June 30, 2017, 12:16 PM GMT+8
China Vanke Co., one of China’s biggest developers, just swooped in to scoop up land in the heart of Guangzhou, a giant southern city. The deal was announced just as founder Wang Shi is handing over the reins to Yu Liang. Here’s five things to know about a mega-transaction that came out of nowhere.
1. $8 billion deal
The price tag: 55.1 billion yuan ($8.1 billion). The former owner: Guangdong International Trust & Investment Corp., that went bankrupt almost two decades ago. The package includes: 16 parcels of land expected to have a gross floor area of 2.1 million square meters, along with “creditor’s rights."
2. Empire State, multiplied
Vanke’s plans represent the equivalent of eight Empire State Buildings. That’s based on the floor area that the company envisages as it develops residential and commercial properties, hotels and offices.
More details in https://www.bloomberg.com/news/articles/...-s-history
Specuvestor: Asset - Business - Structure.
