SINGAPORE (Aug 22): First Sponsor says a unit of China Vanke has subscribed for a 55% stake in its subsidiary, FS Dongguan Investment Holdings.

FS Dongguan owns First Sponsor No. 1 (Dongguan) Real Estate Co., a China property development and investment company that is undertaking the development of the Star of East River project.

The project is a mixed-use residential and commercial development comprising offices, a retail mall and residential units with ancillary retail units in Dongguan city, Guangdong province. The site sits on a 528,900sf land plot, and will be developed to have a total gross floor area of 3.96 million sf.

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