China Vanke Co. Ltd. and the municipal government authorities of Chengdu, China, will work together to develop commercial and industrial properties in the city over the next couple of years, National Business Daily reported.
The two parties signed a strategic partnership agreement that will see the real estate giant pump 200 billion yuan worth of investment into Chengdu. China Vanke will also establish a base in the city, which will serve as its regional headquarters for the central and western parts of the country.
China Vanke Chairman Yu Liang was quoted by the media outlet at the deal signing ceremony as saying the company viewed Chengdu as a gateway to China's central and western regions, and with the influx of a younger generation of people into the city, it was appropriate for the company to follow suit and increase its investment there.
Yu added that China Vanke could also expand to provide complementary services in Chengdu, over and above their usual business of property development. These services include real estate sales and leasing activities, infrastructure development, and a possible foray into the education and logistics sectors, according to the Oct. 12 report.
As of Oct. 13, US$1 was equivalent to 6.59 yuan.