Vanke Rebounds as Baoneng Raises Stake

(Shenzhen) – The largest shareholder of China Vanke Co. Ltd. has increased its stake to 25 percent, another step in an escalating battle to control the country's No. 1 property developer.

In a statement filed with the Shenzhen Stock Exchange on July 6, Vanke reported that privately owned property and insurance conglomerate Baoneng Group had purchased nearly 0.03 percent stake in Vanke through investment subsidiary Shenzhen Jushenghua Co. Added to the 0.68 percent that Jushenghua bought on June 5, Baoneng's subsidiaries now control a total of 25 percent of Vanke stock. The second largest shareholder, state-owned China Resources (Holdings) Co., holds 15 percent.