Vanke to expand in Hong Kong property market

China Vanke Co, the biggest developer by market value traded on the nation's exchanges, plans to expand in Hong Kong's property market as the city's home prices more than doubled.

Vanke will also target foreign markets where Chinese buyers are active, including San Francisco, New York, Boston and Singapore, Yu Liang, the company's president, told reporters in Hong Kong on Thursday.

Of all the target cities, the developer prefers Hong Kong and expects to increase investment there, Yu said.

"We are very optimistic on Hong Kong's property market in the long term and are looking forward to working with different partners," Yu said. "We will seize every opportunity to buy land there."