Intensifying Battle over Who Controls Vanke

(Shenzhen) – Two companies battling for control of the nation's leading homebuilder China Vanke Co. have teamed up to fight a controversial asset restructuring plan through which a Shenzhen government-owned company would become Vanke's largest shareholder.

Through two subsidiaries, developer Baoneng Group announced June 23 that it firmly opposes a proposed deal that would make Shenzhen Metro Group Co. the leading Vanke shareholder.