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Vanke, once one of China"s most powerful real-estate players, has made a comeback in Beijing after lying dormant there for more than four years.
On August 9, Beijing auctioned two land parcels, with a total value of 3.3 billion yuan (US$450 million). Both China Vanke and Beijing Uni-Construction won auctions.
The land in Tongzhou District attracted bids from seven real estate firms and Vanke acquired its land for 2.7 billion yuan, a premium of 10 percent at a guide price of 65,000 yuan per square meter.
Vanke needs to get back into the Beijing market to maintain competitiveness. It last bought land in Beijing in 2019. The return suggests a need to replenish inventory and enhance its influence in the capital market.
The acquisitions signal the company’s confidence in the Beijing market"s potential, moreover, its ability to exploit that potential. It"s a very different Beijing from the one Vanke vanished from four years ago, with strict buyer restrictions and an ever-changing policy environment. It"s going to take more than confidence.
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