UPDATE 2-China's biggest property developer Vanke to expand abroad

Wed Feb 27, 2013 6:04am EST
 
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

By Samuel Shen and Yimou Lee

HONG KONG/SHANGHAI Feb 27 (Reuters) - China Vanke Co Ltd , the country's biggest real estate developer, is looking to extend its foreign investment drive beyond the high-end U.S. market, as Beijing weighs new measures to cool mainland property prices.

Chinese developers, including Xinyuan Real Estate Co and Country Garden, are looking abroad and chasing wealthy Chinese who are buying apartments in countries with sizeable Chinese migrant communities such as Malaysia and Australia, analysts say.

Earlier this month, Vanke partnered with Tishman Speyer, the owner of New York's Rockefeller Center, to develop two high-rise residential condominium towers in San Francisco.

"Of course we will not only have projects in San Francisco. We will not rule out the possibility to have long-term investment elsewhere and learn from good companies in other countries," President Yu Liang told a media conference in Hong Kong after Vanke reported earnings growth of more than 30 percent.

He did not specify which foreign markets Vanke was interested in.

Vanke's foray into the United States came after its expansion into Hong Kong last year, where it acquired Hong Kong-listed Winsor Properties Holdings Ltd. It also opened a management office in the former British colony.

"They will go anywhere mainland Chinese want to go," said Jinsong Du, property analyst at Credit Suisse. "Their target customer is mainland Chinese who want to migrate overseas, or have a home outside of the country."   Continued...