China Vanke, the biggest mainland-listed property developer by sales, plans to set up an overseas headquarters in Hong Kong in the second half of this year, a move aimed at stepping up its overseas expansion.
Company president Yu Liang disclosed the plan at an internal staff meeting in Xian, Shaanxi province.
'The [overseas business] department will be set up in the second half and the headquarters will be set up in Hong Kong,' Yu was quoted on the company's official microblogging account yesterday as saying. Yu did not give any details, but he said the company would first consider investing in developed markets such as the United States.
A spokeswoman for China Vanke declined to elaborate.
The new headquarters plan comes a month after China Vanke said it was buying a 74 per cent stake in Hong Kong-listed Winsor Properties for HK$1.08 billion.
At the time, China Vanke said the purchase was part of its global expansion plans.
The company said then that internationalisation was a long-term direction it needed to consider, and the acquisition was part of the preparatory work.
