China Vanke was down 3.1%, China Merchants Property Development fell 5.8% and Poly Real Estate shed 4.9%.
The China Vanke deal could be a precursor for others, although the company has indicated it will take a measured approach.
"Big developers like Greenland and China Vanke have wider brand recognition compared to the smaller firms and foreign firms, " said Mr. Zhang.
The project is something of a learning experience for China Vanke.
It includes a private-sector bank, China Minsheng (now No. 107), an auto giant, SAIC Motor (now No. 167) and a property developer, China Vanke (now No. 314).
China Vanke, the mainland's largest developer by revenue, reported Jan. 7 that sales more than doubled in December from a year earlier, with sales for the year as a whole up 16.2%.
China Vanke, the country's biggest real estate developer by market value, hit the daily up-limit of 10 percent on the Shenzhen bourse after announcing plans to shift trading of its foreign-currency shares to Hong Kong.
Mr. Speyer said the accord came after two years of talks between the companies, as China Vanke took a cautious and deliberate approach to finding a partner in the U.S., where it has wanted to expand for some time.
"We are confident that our first joint development project in Tanah Merah will set the pace for future collaborations in Singapore and China, " Vanke President Yu Liang said.
Vanke, China's largest developer by revenue, will buy the stake from Singapore's Keppel Land Ltd.
The two exchanged cellphone numbers, and Mr. Speyer later met with Vanke executives in China.
Vanke is a household name in China, with operations in 60 cities around the country.
Vanke and Keppel Land said they will co-develop property in China and Singapore.
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