Vantone to invest 15b yuan in commercial property ventures

Beijing - Vantone Real Estate Co Ltd, a leading property developer based in Beijing, plans to invest 15 billion yuan ($2.27 billion) over five years to develop commercial properties, according to the company's top management on Thursday.

"We will develop more than 1 million square meters (sq m) of commercial property by 2015, with the annual rental income expected to exceed 1.1 billion yuan," said Xu Li, who became chairman of Vantone Real Estate earlier this month, replacing Feng Lun.

On March 31, the company obtained a parcel of land in Shanghai's key business area at a cost of 1.55 billion yuan.