(Yicai Global) July 22 -- China Vanke, the country's largest property developer, plans to invest about CNY50 billion (USD7.3 billion) in Xining, the capital of China's central Qinghai province, to upgrade and improve living conditions in the city.

Shenzhen-based Vanke and Xining's local government have signed a strategic cooperation framework agreement, according to a report by Qhlingwang, an online news outlet owned by Qinghai Daily.

Vanke will take Xining as a key strategic area for its mid and long-term layout, and will get deeply involved in transforming and upgrading the city as well as building it into a green development model, the report said.

Vanke first entered the city last July, placing a winning CNY2.4 billion (USD348.8 million) bid for three plots of land covering 27.2 hectares in Nanchuan district. The floor prices for the three plots were CNY3,480 (USD505.80), CNY3,480 and CNY3,223 a square meter, public data shows.

The average price of non-new build residential property in Xining was CNY8,047 a square meter in July, a gain of 0.5 percent gain from the previous month and 15.6 percent from a year earlier, according to online real estate information platform Anjuke.