May 14, 2015 / 4:37 AM / 2 years ago

China's Vanke teams up with Dalian Wanda on real estate development

HONG KONG, May 14 (Reuters) - Property developer China Vanke and conglomerate Dalian Wanda Group said on Thursday they are forming a long-term strategic partnership to jointly acquire land and develop projects.

A partnership between the country’s two largest developers in the residential and commercial property sector underscores intensifying competition and pressure the industry faces amid slowing sales and squeezed margins.

Dalian Wanda, the parent company of Hong Kong-listed Dalian Wanda Commercial Properties Co, said last month it will follow an “asset-light” strategy for its growth plan, seeking outside investment to finance the plazas and selling them off after five or seven years. (Reporting by Clare Jim and Donny Kwok; Editing by Anne Marie Roantree)

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