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China's property development glory days are over, Vanke says

Company aims to focus more on real estate management and services

China's largest developer wants to ease reliance on its core business amid heightened official scrutiny.   © Reuters

China Vanke has said it will give more weight to real estate management and services, as the country's largest property developers tweak business models to bolster profitability amid tighter government restrictions on borrowing.

The move heralds a shift away from the Hong Kong- and Shenzhen-listed company's focus on real estate development in favor of a multipronged approach that balances other aspects of its business, management said at Vanke's annual general meeting on Tuesday.

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