Vanke Returns Villa Site

(Beijing) -- China Vanke Co. (SZSE: 000002), the country's largest property developer, will bow out of a land dispute with Xianghe county, after reaching a settlement agreement with local authorities following allegations of unlawful land seizure.

Land from Vanke's joint investment with Minmetals Land Ltd. (HKEX: 0230), in the Lake Side villa project, located 45 kilometers east of Beijing, will be sold to the Xianghe county government in exchange for 337 million yuan according to a statement by Minmetals Land on July 25.