Lulu Observation | After nine years, the five giants including Vanke have "the original team" buy back the Dongli land parcel at the original price

By | Zhang Xinyi

On March 20, the Qingdao land auction market saw a landmark transaction. The LC0301-03 plot located in the Dongli segment of the Licang District was won by Qingdao Changming Real Estate Co., Ltd. for its reserve price of 9.98 billion yuan, with a transaction floor price of 9,010 yuan per square meter. According to business information, the winning party, Qingdao Changming Real Estate, is jointly held by five companies—Vanke, China Overseas, Yuexiu, Country Garden, and Qingdao Chengtou—matching the consortium structure that developed the “Vanke Forest Park” project in 2017.

Image source: Shetu.com

According to a pre-notice for the draft approval of regulatory plan adjustments released by Qingdao Natural Resources and Planning Bureau in July 2025, the plot’s land-use nature has been changed from commercial and business land to Grade 2 residential land, and the plot ratio has been lowered from 3.57 to 2.5. Public reports show that the plot originally formed the commercial portion of the Vanke Forest Park large-scale project; it was reclaimed by the government because development conditions were not yet mature. After this “convert commercial to residential” adjustment, the same consortium from 2017 retrieved it at the reserve price, forming a closed-loop treatment of historical assets.

Cric Qingdao data shows that in 2026, the main urban improvement market is becoming increasingly segmented. Thanks to its ecology, subway access, and low-density advantages, the Dongli segment has become one of the core improvement areas. However, within the segment, multiple high-end projects—including GOLMUT, Qingte, and Haichuang (developed on behalf by Longfor)—have already clustered, making competition fierce. CRIC Qingdao analyst Han Ming pointed out that this “mixed-ownership” consortium formed by Vanke, China Overseas, Yuexiu, Country Garden, and Chengtou took the land at the reserve price; the core logic is “risk sharing.” In a context where property developers’ cash flows are generally under pressure, this move aims to share nearly 1 billion yuan of land cost, reduce the debt pressure on any single enterprise, and, led by the experienced Vanke, ensure the project’s development and sell-through.

In fact, this land transaction is not an isolated case in Qingdao. Since this year, in multiple cities within the province—including Jinan and Yantai—land has been accelerated for revitalization by adopting models such as “convert commercial to residential” and “convert industrial to residential.” According to CRIC Youfangping, under the current market environment, it will become a new norm that consortia consisting of central state-owned enterprises, private enterprises, and local state-owned enterprises jointly handle historical legacy assets. This will not only help resolve inventory risks, but also provide the market with a stable supply of high-quality residential housing.

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