Vanke to develop its first villa in Beijing

Vanke, China's largest property developer in terms of market value, announced on Wednesday that it will launch its first villa project in Beijing.

The project is part of Vanke's efforts to expand its high-end developments in the capital.

The project is in Shunyi, an area known for its villas. Vanke spent 3.3 billion yuan ($532 million) in 2013 to purchase a plot of land there.

The project will be the fourth high-end development for Vanke in Beijing.

According to Mao Daqing, senior vice president, the company will still focus on residential projects targeting regular consumers.

"The proportion of high-end projects and middle-end projects will be around 2:8," said Mao.