Evergrande Becomes Troubled Vanke's Fourth Largest Shareholder

(Beijing) – Property developer Evergrande Group has become the fourth largest shareholder of leading home builder China Vanke Co., which is struggling to fend off a hostile takeover.

Evergrande Real Estate Group Ltd. spent 9.1 billion yuan to acquire Vanke's stock on the secondary market and now holds 4.68 percent of the country's largest residential property developer by sales as of August 4, according to a document it filed that day to the Hong Kong Exchanges and Clearing Ltd.