Property giants including China Vanke, Country Garden splash out US$16 billion on 80 plots of land in Greater Bay Area
- China Poly Group was the most aggressive, spending 42.9 billion yuan on land in the area, according to property data consultant Real Estate Foresight
- The Greater Bay Area, the size of Croatia, is destined to be China’s new innovation and financial powerhouse
Some of China’s biggest property developers spent a combined 110 billion yuan (US$16.25 billion) in just one year snapping up 80 parcels of land in the “Greater Bay Area”, according to figures released on Tuesday by Real Estate Foresight.
The Greater Bay Area, the size of Croatia and encompassing Hong Kong, Macau and nine mainland cities, is destined to be China’s innovation and financial powerhouse and embodies President Xi Jinping’s ambition to create a hub to rival Silicon Valley or the Tokyo Bay Area.
With its economic output and population set to skyrocket, the country’s leading builders including China Vanke, Country Garden Holdings and China Resources Land have been keen to get a slice of the action.
China Poly Group was the most aggressive, splashing out a hefty 42.9 billion yuan for more than 6 million square metres of land in the area between December 2017 and November last year, according to the Chinese property data consultancy’s data.
“The largest developers in the country have all had their eye on the cluster of 11 cities, betting on the value appreciation of land favoured by the central government’s new policies,” said Van Liu, an analyst at Guotai Junan Securities.