Vanke Snatches Two Shanghai Sites in Nine Days
Despite tepid interest from developers in recent months to make further acquisitions, China Vanke has snatched up two plots in just over a week. The two sites – one in Qingpu and one in Xuhui - reportedly cost the developer ¥12.75 billion in total.
The 49,500 square meter Qingpu site was acquired for ¥2.95 billion on July 23rd. The site is slated for residential use, and Vanke has been given the green light to build 89,000 square meters’ worth of housing. 15% of the finished homes will be put aside for long-term rental use, and another portion will be allotted to fulfill responsibilities under the affordable housing campaign.
On August 1st, China Vanke purchased an 118,300 square meter multi-use site in Xuhui. The tender attracted three parties and, after two rounds of bidding, Vanke emerged as the winner. The ¥9.8 billion site is expected to produce rental housing, senior care facilities, sports and cultural facilities, as well as commercial and office spaces. The tender includes stipulations outlining that a certain amount of space must go towards long-term rental housing and affordable housing.
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