China Vanke expanding in Hong Kong

Will tap mainland Chinese buyers.

China Vanke Company plans to expand in Hong Kong’s property market amid a doubling of the city’s home prices. President Yu Liang said China Vanke prefers Hong Kong over other foreign markets and expects to increase investment there.

Vanke will focus mainly on the residential market in Hong Kong and it could also invest without local partners, said Yu.

“We are very optimistic on Hong Kong’s property market in the long term and are looking forward to working with different partners. We will seize every opportunity to buy land there,” said Yu.

Hong Kong’s home prices have more than doubled since early 2009 due to a flood of mainland Chinese buyers, low interest rates and a dearth of new supply.

Vanke is the largest residential real estate developer in China. It is engaged in developing, managing and selling of the properties across 20 cities in Pearl River Delta, Yangtze River Delta and Bohai-Rim Region.