China’s two biggest property companies are joining forces to buy land and develop new projects, the latest sign of how the real estate industry is adapting to the end of a housing market boom.
China Vanke, the country’s largest homebuilder by revenue, and Dalian Wanda, owner of China’s top commercial developer, on Thursday announced a “strategic co-operation agreement” that will cover both domestic and international markets.
“This alliance between two prominent real estate players spearheads a new direction for the domestic real estate industry,” they said in a joint statement.
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