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Evergrande increases Vanke stake to 5%

CCTV.com

08-09-2016 16:26 BJT

New developments in the high-profile battle for control of China's largest home developer, Vanke.

Vanke announced Monay night that Evergrande has acquired a 5 percent stake in the company. The announcement came after media reports last week revealed that Evergrande held a 4.7 percent in Vanke.

Under current rules, an investor that holds a five-percent stake in a listed company has to report the transaction to regulators within three days because it's considered to be an important shareholder.

Evergrande has increased its pace in investing in China's real estate sector in recent months. Evergrande's purchase of Vanke shares came while the developer and Baoneng were involved in a control battle.

Evergrande said it decided to increase its stake because it sees investment value in Vanke.

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