Mingtiandi

Asia real estate and outbound investment news

  • Facebook
  • LinkedIn
  • RSS
  • Twitter
Remember Me

Lost your password?

Register Now

Loading...
  • Capital Markets
  • Events
    • Mingtiandi 2025 Event Calendar
    • Mingtiandi APAC Residential Forum 2025
    • Mingtiandi Singapore Forum 2025
    • Mingtiandi APAC Logistics Forum 2025
    • Mingtiandi APAC Data Centre Forum 2025
    • Mingtiandi Tokyo Forum 2025
    • More Events
  • MTD TV
    • Residential
    • Logistics
    • Data Centre
    • Office
    • Singapore
    • Tokyo
    • Hong Kong
    • All Videos
    • Post-Event Stories
  • People
    • Industry Moves
    • MTD TV Speakers
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail
  • Research & Policy
  • Advertise

Vanke’s 60k Sqm Qianhai Project Now 80% Leased

2014/04/29 by Michael Cole Leave a Comment

Vanke President Yu LiangQianhai is Shenzhen’s answer to Shanghai’s Free Trade Zone, and investor enthusiasm for the special economic zone is already paying dividends for China Vanke.

According to a recent story in the South China Morning Post, a new 60,000 square metre Qianhai office project being built by the Shenzhen-based developer is now 80 percent leased, with 30 percent of the tenants come from Hong Kong, including HSBC and Hang Seng Bank.

Companies from China’s mainland, particularly from the finance sector, are also snatching up space in the low-rise office park with Industrial and Commercial Bank of China (ICBC), China Citic Bank, and Agricultural Bank of China all having signed contracts to set up offices in the partially completed facility.

Interest in Cross-Border Financial Centre Grows

The Qianhai zone has been promoted as a “mini-Hong Kong financial hub, and interest in the zone has picked up dramatically since China’s central government indicated in January that it would be in line for the same free trade zone status as Shanghai’s free trade zone. The free trade zone projects are being used as trial areas for liberalising currency exchange and other financial reform measures.

So far, Vanke has completed five of the fifty buildings in the park, and plans to have the rest finished by the end of this year. The space is renting for RMB 250 to RMB 300 per square metre per month.

In January, US real estate developer Silverstein Properties, together with a Chinese partner paid a record RMB 13.4 billion (US$2.21 billion) for a site in Qianhai.

Earlier this year, there were rumours that Vanke was planning a joint venture private bank based in Qianhai together with Chinese Internet giant Tencent. However, the story has yet to be substantiated.

Commercial Project Good News for Housing King

The news out of Qianhai is particularly welcome for Vanke, which is attempting to diversify away from its traditional base of building mid-market homes in China. Today the company, which is China’s largest developer by sales, announced that its first-quarter profit dropped 5 percent as revenue slumped due to low sales volumes.

Net income was also down, sliding to RMB 1.53 billion (US$245 million) compared to 1.61 billion for the same period in 2013, according to a statement filed with the Shenzhen stock exchange. Revenues were down 32 percent for the quarter, compared to the first three months of last year.

In recent months Vanke has announced a new luxury housing project in Manhattan, the acquisition of a residential site in Hong Kong, investments in the hospital industry and plans for a logistics real estate fund with Blackstone, as it attempts to branch out into new areas in search of profits.

Share this now

  • LinkedIn
  • Share
  • Tweet
  • Email

Filed Under: Projects Tagged With: Bank of China, China CITIC Bank, China Vanke, crebrief, Free Trade Zone, Hang Seng Bank, HSBC, Industrial and Commercial Bank of China, Qianhai, Shenzhen

Leave a Reply

Your email address will not be published. Required fields are marked *

Get Mingtiandi Delivered

  • This field is for validation purposes and should be left unchanged.
320x320 CorporateV2

MTD TV

PGIM, Yardi on How Tech Powers Asian Real Estate Innovation: MTD TV
Oxford, Ivanhoe, KIC, Savills See Singapore, India as Top Investment Destinations

More MTD TV Videos>>

People in the News

Raymond Lee Paul Hastings
Law Partner Picks Up Hong Kong Home of Former Birmingham City Boss for $37M
Teo Chee Hean Temasek
Asia Real Estate People in the News 2025-06-09
Lincoln Pan Jardines
Asia Real Estate People in the News 2025-06-02
Donald CHOI Chinachem
Former Chinachem CEO Donald Choi Named Managing Director of Hong Kong’s URA

More Industry Professionals>>

Latest Stories

Mitsubishi Estate chairman Junichi Yoshida
Mitsubishi Estate Buying Majority Stake in European Fund Manager Patron Capital
Ares Hits $2.4B Final Close of Japan Data Centre Fund Backed by CPPIB, GLP
Raymond Lee Paul Hastings
Law Partner Picks Up Hong Kong Home of Former Birmingham City Boss for $37M

Sponsored Features

How to Create a Win-Win for Investors and Occupiers
Lingeage Logistics Cold Storage Complex
Mount Maunganui Cold Storage Facility for Sale
7 in 10 Senior Directors Confident in Data Centres, but Talent Shortage Will Widen

More Sponsored Features>>

Connect with Mingtiandi

  • Facebook
  • LinkedIn
  • RSS
  • Twitter

Real Estate News

  • Capital Markets
  • Mingtiandi 2025 Event Calendar
  • MTD TV Archives
  • People
  • Logistics
  • Data Centres
  • Asia Outbound
  • Retail

More Mingtiandi

  • About Mingtiandi
  • Contact Mingtiandi
  • Mingtiandi Memberships
  • Newsletter Subscription
  • Advertise
  • Terms of Use
  • Privacy
  • Join the Mingtiandi Team


© 2007-2025 China Advertising Media Ltd (Samoa). All rights reserved.

We use cookies in accordance with our Privacy policy to provide the best user experience on Mingtiandi and to safeguard user data. By continuing to browse you consent to the policy. AcceptRefuse