Real estate construction site. Photo: iStock
Real estate construction site. Photo: iStock

Vanke, one of the major property developers in China, has invested 25.43 billion yuan (US$3.71 billion) in July to acquire land in 33 cities for new real estate projects, The Paper reported.

The company has also parked its money in logistics projects in Shanghai, Guangzhou and six other cities, for a total 1.99 billion yuan.

Over the first seven months of 2018, Vanke launched 160 new real estate projects totalling 96.61 billion yuan, as well as 38 new logistics projects worth 11.07 billion yuan.

Real estate enterprises have been busy expanding their land reserves for real estate projects. In terms of the amount of land acquired, Country Garden, Vanke and Poly Real Estate are the top three developers.

As of July this year, the ten largest real estate developers have poured 571.9 billion into land acquisitions, 44.2% of that from the top 50.