Vanke eyes top spot as global logistics property developer with stake in GLP

Hong Kong

CHINA Vanke Co said on Friday it aims to become the world's largest logistics property developer after investing a 21.4 per cent stake in Asia's biggest warehouse operator Global Logistic Properties (GLP).

Vanke, the second-largest developer by sales in the country, has been diversifying into commercial businesses and new businesses such as rental housing as the residential sector struggles under policy cycles and fierce competition.