Deals
This Developer Just Closed Largest Land Deal in China's History
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China Vanke Co., one of China’s biggest developers, just swooped in to scoop up land in the heart of Guangzhou, a giant southern city. The deal was announced just as founder Wang Shi is handing over the reins to Yu Liang. Here’s five things to know about a mega-transaction that came out of nowhere.
The price tag: 55.1 billion yuan ($8.1 billion). The former owner: Guangdong International Trust & Investment Corp., that went bankrupt almost two decades ago. The package includes: 16 parcels of land expected to have a gross floor area of 2.1 million square meters, along with “creditor’s rights."