Vanke buys stake in London realty project

Real estate giant China Vanke Co Ltd has entered the United Kingdom commercial realty sector after buying a 20 percent stake in a London property development project.

According to Estates Gazette, a weekly magazine on commercial property sector in the UK, Vanke has acquired the stake in the 750-million-pound ($1.16 billion) The Stage development project in Shoreditch, an area that is extremely popular with several London-based Web technology companies.

Vanke has spent more than 30 million pounds acquiring the stake from the former equity holders - Cain Hoy Enterprises, McCourt Global, Galliard Homes and Investec Structured Property Finance.