China Vanke

Make way for another Chinese developer looking to try its luck in the US.

Shanghai Greenland Group, the state-owned company behind what will become China’s third-tallest building, is making its first foray into US real estate with a deal to invest $1bn in a downtown Los Angeles project. 

Chinese equity markets rose again on Monday, extending their recent rally, thanks largely to widely-expected news that China Vanke, the country’s biggest developer by market value, would switch trading in its foreign-investor B shares from Shenzhen to Hong Kong.

Vanke, which had been suspended since late last month, surged by the 10-per-cent daily limit, pulling the Shenzhen B index of foreign-investor shares up by 4.7 per cent and triggering a 3.0 per cent jump in the Shanghai B-share index. There’s growing speculation that other companies will follow suit.