Deals
Vanke Saga Takes New Twist With Surprise Entry of Evergrande
- Evergrande buys Vanke A shares, cites ‘strong’ performance
- Vanke denies it leaked information about deal after query
Evergrande Invests $1.4B in Vanke
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The decision by billionaire Hui Ka Yan’s China Evergrande Group to take a 4.68 percent stake in China Vanke Co. introduces a new twist to the eight-month long battle for control of China’s largest residential property developer.
Politically well-connected, deep-pocketed and known for an aggressive business style, Evergrande’s Chairman Hui may have both strategic as well as economic reasons for injecting himself into the saga, where Vanke’s management is trying to fend off a hostile approach for control by its largest shareholder Baoneng Group.