Vanke to help develop New York building

China Vanke Co announced on Wednesday it will work with US developers RFR Holdings and Hines on a residential building in New York City. [Photo by Shao Chang / Asianewsphoto]

China Vanke Co, China's largest property developer by revenue, announced on Wednesday it will work with US developers RFR Holdings and Hines on a residential building in New York City, in a bid to expand its overseas business.

This will be the Shenzhen-based developer's second investment in the US after it cooperated with Tishman Speyer on a project in San Francisco.

Vanke will participate in developing 610 Lexington Avenue, a 61-story high-end condominium project in midtown Manhattan, according to the company's statement.

The statement said developers will begin sales in the fall of 2015, and hand over the property at the start of 2017. Developers are targeting buyers from New York and affluent international customers.

"Vanke's long-term strategy is internationalization. We hope to have more understanding of overseas markets and business models. It is also a significant way to learn from our overseas peers with rich experience," said Yu Liang, president of Vanke, in the statement.

Compared with its earlier project in San Francisco, Vanke will be deeply involved in the management and operations of the Lexington Avenue project, the statement said.

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