Vanke cashing out as commercial yields stay low

China Vanke Co, the nation's biggest developer by sales, said it agreed to form a venture with the Carlyle Group LP.

The venture will buy nine of Vanke's commercial properties.

Carlyle Asia Investment Advisors Ltd will hold 80 percent of the asset platform company, with Vanke holding the balance, according to a filing with the stock exchange of Hong Kong on Thursday. Vanke said the two companies will also set up a commercial property management company.