China Vanke just paid $8.1B for a dev site

Turns out Guangzhou is an expensive place to build in

TRD New York /
Jun.June 30, 2017 12:15 PM

And you thought development sites in Manhattan were expensive. China Vanke just paid around $8.1 billion for a swath of land in Guangzhou — the most ever paid for buildable land in China.

The 16 parcels would allow Vanke to build around 22.6 million square feet of apartments, office space, hotels and retail, or the equivalent of eight Empire State Buildings, according to Bloomberg. This means the purchase price translates to around $360 per buildable square foot — which in fairness is still much cheaper than prime Manhattan sites.

For example, HFZ paid around $1,100 per buildable square foot for its massive (by New York City standards) High Line development site in 2015.

Kristy Hung, an analyst at BIoomberg Intelligence, told Bloomberg that given Guangzhou’s short supply of buildable land the price doesn’t seem too expensive.

China Vanke TRData LogoTINY has partnered with New York developers on a couple of local projects, including RFR Realty’s 100 East 53rd Street and Slate Property Group and Adam America’s 10 Nevins Street.

The founder of China Vanke, Wang Shi, stepped down last week. He had been criticized by shareholders after a takeover bid by insurer Baoneng Group that reportedly cost Vanke $10 billion in market value. The company’s president, Yu Liang, is taking over. [Bloomberg]Konrad Putzier 


Related Articles

arrow_forward_ios
Mayor Bill de Blasio and Greenwich Village Society for Historic Preservation's Andrew Berman (Photos via Getty; iStock; Neighbor2Neighbor Greenwich Village)

Move over, artists: Soho rezoning blueprint calls for more apartments, legal retail

Move over, artists: Soho rezoning blueprint calls for more apartments, legal retail
The development  site at 2324 Forest Avenue (Google Maps)

Three years after approval, BJ’s Wholesale Club remains unbuilt

Three years after approval, BJ’s Wholesale Club remains unbuilt
660 Madison Avenue (Photo via Jenel Real Estate)

Safra family finally begins 660 Madison’s office-to-resi conversion

Safra family finally begins 660 Madison’s office-to-resi conversion
New York City council member Margarate Chin, Mayor Bill de Blasio and council member Carlina Rivera (Getty; iStock)

Why the Soho rezoning will pass — and Gowanus, too

Why the Soho rezoning will pass — and Gowanus, too
Silverback's Josh Schuster and 580 Gerard Avenue (Google Maps) 

Silverback plans 200-unit South Bronx Opportunity Zone project

Silverback plans 200-unit South Bronx Opportunity Zone project
Mayor Bill de Blasio (iStock; Getty)

Soho to be rezoned: de Blasio

Soho to be rezoned: de Blasio
US construction spending is up $37.8 billion year-to-date compared to 2019 (iStock)

Housing demand sent construction spending up in August

Housing demand sent construction spending up in August
Larry Korman (Photo by Emily Assiran)

The self-lockdown lifestyle of AKA’s Larry Korman

The self-lockdown lifestyle of AKA’s Larry Korman
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...