China Vanke makes first foray into US market

China Vanke Co, the biggest developer listed on Chinese exchanges, has entered a property venture in San Francisco, its first foray into the United States real estate market. The company signed the deal on Feb 12, Chairman Wang Shi wrote on his micro blog on Sina Weibo. Vanke bought 70 percent of 201 Folsom Street, a mainly high-end residential project owned by Tishman Speyer Properties LP, Jinsong Du, a Hong Kong-based property analyst at Credit Suisse Group AG, wrote in a note to clients, citing information from Vanke. The development will comprise about 669 residential units, Credit Suisse said.

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