Vanke buys land in Beijing

China Vanke Co, the country's largest property developer by market value, purchased a land plot jointly with Beijing Huayuhong Consultancy Limited in Beijing on Friday for 3.3 billion yuan ($539.22 million). the latest move to demonstrate developers' confidence in the country's property market.

So far, Vanke has bought land plots at a total price of 80 billion yuan this year, according to a report released by BOC International (China) Ltd earlier this month.

Besides Vanke, other property developers have also showed significant enthusiasm in purchasing land. There have been over a dozen cases of record-breaking land sales in cities like Beijing and Shanghai, since the middle of this year.