China Vanke Co. (000002), the biggest developer listed on Chinese exchanges, is entering Singapore’s property market in a venture with Keppel Land Ltd. (KPLD) as it expands outside its home country.
Vanke (200002) will acquire 30 percent in Keppel’s Sherwood Development Pte for S$135.5 million ($110 million), according to a joint statement today. The Sherwood unit will be used to co- develop properties in Singapore and China, and the first joint venture project will be a condominium development in Tanah Merah in Singapore, according to the statement.
Chinese developers are starting to take advantage of demand for real estate around the world from Chinese nationals as the government imposes property curbs at home. Full story
Also read:
- PRC company snaps up 36 condo units at one go in Singapore - The Real Singapore
- Govt property cooling measures prove ineffective to foreign buyers who are still snapping up homes and driving up prices - report
Related:
China Vanke makes 1st investment in Singapore - China Daily
