China Vanke, the country’s largest listed property developer, sold 230,000 square meters of properties worth US$258.30 million (RMB1.85 billion) in January, down 70% on December, the China Securities Journal reported. However, sales were up 11.65% on last January while the total value was up 11.72%. The Shenzhen-listed company sold 6.14 million square meters of properties worth US$7.29 billion (RMB52.24 billion) last year. Vanke said Monday it acquired two land plots covering 231,700 square meters in northern Shanghai’s Baoshan district – the home of Baosteel Group, China’s largest steel mill – for a total of US$146.60 million (RMB1.05 billion). The company is discounting properties to try and boost sales in a slumping market, it was reported Monday.

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