Takeover battles are bad for your health. On Sunday China Vanke, the Hong Kong and Shenzhen-listed property developer in the throes of a tussle for control, delivered first-half results. While profits after tax eked out a rise of one-tenth, this missed market forecasts as margins lost three percentage points (although management said second-half margins should rebound). Growth prospects, however, have been hurt — yet the disruption may ultimately prove good for minority shareholders.
收购战对健康有害。上周日，万科(China Vanke)发布了上半年业绩，这家在香港和深圳上市的房地产开发商正陷入控制权争夺战。虽然2016年上半年万科的净利润勉强实现10%的增长，但逊于市场预期，主营业务利润率下降了3个百分点（不过管理层表示下半年利润率将会回升）。然而，增长前景已受到损害，不过这场动荡可能最终证明有利于少数股股东。
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