China Vanke project improves 'urban village'

China Vanke Co, a leading residential property developer, expects to present model rooms this month of its first leasing project transformed from urban village buildings in Shenzhen.

"Urban village" refers to a zone of residential apartments built by individuals and usually of poor condition in terms of sanitation, management and fire protection. Such buildings have occupied about 70 percent of the southern city's leasing market.

Vanke has established a subsidiary company in charge of collectively renting these buildings, making some modifications, bringing in commercial sectors and then leasing them out.