China’s second-largest property group has entered the battle for China Vanke, buying a stake that could sway the fate of the country’s top developer.
After increasing its holdings earlier this month, China Evergrande Group yesterday became the third-largest shareholder in Vanke , announcing that it had bought Rmb5.46bn ($823m) worth of shares in the company.
The purchase, which pushed Evergrande’s stake from 4.68 per cent to 6.82 per cent and above the threshold required to nominate a board member, marks a turning point in the months-long battle that has pitted Wang Shi, Vanke chairman, against insurance group Baoneng.
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