16 Apr '13, 3pm

Vanke Takes Stake in Singapore Project

By ESTHER FUNG in Shanghai and CHUN HAN WONG in Singapore China Vanke Co. will invest 135.5 million Singapore dollars (US$109.3 million) for a 30% stake in an upscale condominium project in Singapore, marking its third project outside mainland China as it looks to expand its footprint globally. The latest cross-border deal comes as more Chinese developers look beyond the mainland to diversify and tap into the rising demand of Chinese migrants and investors. Vanke, China's largest developer by revenue, will buy the stake from Singapore's Keppel Land Ltd. and the two developers will jointly build the 726-unit condominium in the Tanah Merah district on Singapore's eastern coast, according to a stock exchange statement by Keppel Land. "We are confident that our first joint development project in Tanah Merah will set the pace for future collaborations in Singapore and China," V...

Full article: http://online.wsj.com/article/SB1000142412788732434580457...

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