China’s two biggest property companies are joining forces to buy land and develop new projects, the latest sign of how the real estate¹ industry is adapting to the end of a housing market boom.

中国两大地产公司将联合拿地和合作开发新项目，这是中国房地产业适应地产泡沫终结的最新表象。

China Vanke, the country’s largest homebuilder by revenue, and Dalian Wanda, owner of China’s top commercial developer, on Thursday announced a “strategic co-operation agreement” that will cover both domestic and international markets.

周四，中国营收最高的住宅建筑商万科(Vanke)和大连万达(Dalian Wanda)公布了一份《战略合作框架协议》，该协议将同时涵盖国内和国际市场。

“This alliance between two prominent real estate players spearheads a new direction for the domestic real estate industry,” they said in a joint statement.

两家公司在一份联合声明中表示，两家知名房地产商的结盟，为国内房地产业开辟了新的方向。

As the multiyear boom in China’s property market has come to an end, developers have started to shift away from simply building and selling property towards business models based on income from rental² and property management services.

随着持续多年的中国房地产市场繁荣走向终结，开发商已开始从简单的修建和出售物业，向基于出租收入和物业管理服务收入的商业模式转型。

While both Vanke and Wanda are investing heavily overseas, the two have little overlap³ inside China.

尽管万科和万达都对海外开展了大量投资，两家企业在中国国内的业务却没什么冲突。