Dalian Wanda Group Co, China's biggest commercial property group, and China Vanke Co, the country's biggest listed property developer by sales, announced strategic partnership on Thursday in Beijing.

 

The two Chinese major real estate developers will set up a co-funded company and join hands in acquisition of land and joint project development, said Wang Jianlin, chairman and president of Wanda Group. The cooperation will not involve reshuffle of the two companies and more details will be revealed soon.

 

According to the agreement, the partnership will be steered by a joint team consisting of senior executives from both companies. This team will interact closely as long-term partners and liaise on related projects, according to the statement.

 

The group reported revenue of 242.48 billion CNY (39.11 billion USD) in 2014, up 30 percent year on year.

 

China Vanke Co said its profit rose 4.2 percent last year after the government eased property curbs, boosting demand from first-home buyers. While the company saw its profits drop 57.49 percent in the first quarter as sales of new housing slowed and home prices dropped.

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