Baoneng Increases Collateral as Vanke Stocks Tumble

(Beijing) – Amid a high-profile battle to take over China Vanke Co., the property company's largest shareholder, Baoneng Group, pledged more shares to raise capital as Vanke's stock prices continued to tumble.

As of July 12, one week after Vanke resumed trading in the Shenzhen stock exchange following a six-month suspension, the price of the company's stock had declined by more than 25 percent, closing at 18.1 yuan.