China vanke Co, the nation's biggest property developer by sales, said it will pay 1.86 billion yuan (US$225 million) in cash to buy stakes from units of Shanghai Midway Infrastructure (Holdings) Ltd to expand in eastern China.
Vanke, based in Shenzhen, Guangdong Province, will buy 70 percent of a Midway unit in Shanghai, it said in a statement. Vanke will also buy 49 percent and 20 percent of Midway's real estate arms in Suzhou in Jiangsu Province, and in Zhejiang Province, the statement said.
"The company will see an increase of project resources in Shanghai and Jiangsu by 2.19 million square meters, and will have stakes in the Zhejiang subsidiary, which has sufficient resources in the province," said Vanke. "That will add strong support for the company's expansion plans."