Vanke agrees to low-rent projects

Property

14 December 2007

Real estate developer Vanke has accepted invitations from Wuhan and Shenzhen municipal governments to participate in the cities' low-rent apartment construction projects, Vanke director Wang Shi told China Business Net (in Chinese). Vanke will actively respond to government requests cited Wang. Vanke recently built the 1,000-unit Wanhui Building in Guangzhou, the country's first low-rent apartment project since housing distribution reforms were enacted in 1993. The project will begin renting in June 2008. Vanke is one of the few domestic developers that has shown active interest in developing low-end housing.

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