The Government of Singapore Investment Corp (GIC) has, through an affiliate of its property arm, bought a 51 percent stake in Shenyang Vanke Tander Real Estate and signed an agreement for a 40 percent stake in Wuxi Vanke Real Estate to develop residential projects, the firm said.

It said the Shenyang stake was worth US$12 million and the proposed Wuxi deal was valued at US$23 million.

Both the Chinese developers are subsidiaries of China Vanke, one of the leading real estate players in the country, GIC said.

"GIC RE (Real Estate) is continuing to invest in China given our confidence in its long-term economic development," said Seek Ngee Huat, president of the state investment firm's real estate arm.

The Singapore investment firm first worked with China Vanke when the two parties began a joint venture project in the Chinese city of Chengdu last year.

GIC Real Estate has been busy expanding its global investment portfolio especially in the Asia-Pacific region, snapping up prime properties for millions of dollars.

This year alone, it has bought serviced apartments in an upmarket Tokyo residential area as well as joined hands with US investment bank Morgan Stanley to buy real estate in Australia.

Set up in 1981, GIC is one two state investment agencies and its chairman is the city-state's founding father, Lee Kuan Yew.

Among its landmark assets are the AT and T Corporate Center in Chicago, the Shiodome City Center in Tokyo and the Seoul Finance Center in the South Korean capital.

GIC Real Estate is among the world's top 10 global real estate investment firms, it said.

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