| Vanke and China Aviation form property JV |
click rate:2743
issue time:2007-03-10 08:12
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Feb. 9, 2007 (China Knowledge) – China Vanke <200002>, China’s largest listed property developer, and China Aviation Industry Corp. I, China’s biggest aircraft maker, have agreed to set up a RMB 1 billion property development venture in Beijing.
Vanke would own 40% of the venture while a unit of AVIC I would control 60%, Vanke said in a statement to the Shenzhen Stock Exchange.
Mainland developers are trying to raise capital and seek government ties as China tries to rein in property prices, which have more than doubled since 2000.
Vanke, which owns 1% of the Mainland's property development market, bought three companies last year, boosting its reserves by 50% to 15 million square metres.
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