China

China Vanke Forms Strategic Partnership With Chengdu City; Plans to Invest RMB 200 Bln in Chengdu

Summary:

  • China’s leading real estate developer China Vanke (000002.SZ) has recently signed strategic partnership pacts with the government of Chengdu City, as reported by Tencent Finance.
  • According to the pacts, China Vanke plans to invest RMB 200 billion in Chengdu in the future.

Why It Matters:

  • The partnership between Chengdu City and China Vanke involves urban infrastructure construction, commercial and industrial real estate development, and so on.
  • Chengdu City is located in the Middle West of China and is an emerging economic and technology center.
  • China Vanke is principally engaged in real estate development and property management businesses. The company recorded a 36.5% increase in net profit for the first half of 2017 to RMB 7.3 billion.