China Vanke plays catch-up at Qianhai office project

China Vanke will have to speed up construction if it plans to open the first office project in Qianhai on December 7 to mark the second anniversary of President Xi Jinping's visit to the special economic zone in Shenzhen.

The one billion yuan (HK$1.3 billion) low-rise commercial project, Enterprise Dream Park, comprises 50 office blocks, each with two to three storeys, to be built on a 110,000 square metre site. The building concept is akin to a small town with amenities like restaurants, coffee shops, convenience stores and a fitness centre. The complex will have a floor area of 60,000 sq metres.

"We have completed five blocks so far," said He Lan, investment director of the marketing department at Shenzhen Vanke's Dream Park Operation Management, a wholly owned unit of China Vanke, the largest developer on the mainland.

He believes about 40 blocks will be ready for tenants to move into by December as the firm uses prefabricated materials to shorten the completion time of the project. The remaining 10 will be in phase two of the development.

The waiting list to lease space at Enterprise Dream Park is getting longer as financial institutions in Hong Kong and on the mainland all seek a foothold in Qianhai.

The zone was set up in July 2012 as a testing ground for the free flow of yuan and other policies to encourage overseas investments. The first batch of 15 companies, largely dominated by banks, insurers, funds and law firms, signed leasing contracts with China Vanke last week.