China Vanke, the largest developer on the mainland, has acquired a commercial-residential site in Foshan, Guangdong province, for 2.15 billion yuan (HK$2.44bn) in the most expensive sale in the city in 20 months.

As supply of large sites is limited, the 284,037-square-metre site attracted bids from Vanke, Poly Real Estate, China Overseas Land and Investment, Agile Property Holdings and Country Garden Holdings.

Vanke's winning bid was 152% higher than the opening bid of 852 million yuan. It was the most expensive sale since December 2007 in Foshan.

South China Morning Post