China Vanke Co, the country's largest listed real estate developer, agreed to pay 1.77 billion yuan (US$220 million) to raise its stakes in five builders, the company said in a statement yesterday.

The acquisition, which aims to expand after the government curbed new land supply, will add 2.7 million square metres of new projects in the eastern province of Zhejiang, Vanke said in a statement to the Shenzhen Stock Exchange yesterday.

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