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Wanda and Vanke seal win-win alliance
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DALIAN Wanda Group and China Vanke Co have formed a strategic alliance to accelerate growth of both real estate developers.
Wanda, controlled by billionaire Wang Jianlin, and Vanke, the world’s largest residential property developer, signed a deep-level and long-term cooperation agreement in Beijing yesterday to set up a joint venture for future land acquisitions and property development.
“Vanke is a perfect partner for Wanda and the tie-up between the two companies will not be confined within the country as both companies have overseas operations,” said Wang.
“Our future cooperation will probably involve some mega projects with investment exceeding 100 billion yuan (US$16.13 billion).”
The strategic alliance is seen as a win-win one, industry analysts said.
“While details regarding their cooperation are yet to be announced, their alliance does make sense as these two companies are indeed complementary to each other, both of them leaders in their own field of expertise,” said Lu Qilin, a Shanghai Deovolente Realty Co researcher.
“Joining forces will help both companies further sharpen their edge.”
China Vanke’s yuan-denominated shares fell 0.75 percent yesterday to 14.59 yuan while its Hong Kong-listed shares rose 1.6 percent to HK$19.92 (US$2.57).
Hong Kong-listed Wanda Commercial Properties closed 1.8 percent higher at HK$68.20.
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