What the Vanke-Wanda partnership means for New York

China’s largest real estate developers, China Vanke and Dalian Wanda Group, operate at a scale that makes New York’s giants look small. Wanda’s assets in 2014 totaled $85.6 billion, according to the company’s website, with a portfolio of more than 225 million square feet. Meanwhile, Vanke’s assets totaled $82 billion, with a portfolio of 410 million square feet according to Fitch.

Last month, the two firms announced an alliance  that industry experts told The Real Deal could eventually have a significant impact on their international activity, especially in global hubs like New York City. “It would not be one small building here, one small building there,” said Vincent Mo, CEO of SouFun Holdings, one of the largest internet real estate portals in China. Representatives for Wanda declined to comment for this story, while representatives for Vanke didn’t respond to several requests for comment.

Read the entire article at The Real Deal.