A takeover saga that has seen a number of powerful Chinese groups vie for control of the country’s largest property developer has come to an end with one of the raiders crystallising a huge trading loss.
China Vanke, the largest developer by sales in China, said on Sunday that state-owned Shenzhen Metro bought a 14.07 per cent stake in Vanke from rival Evergrande.
Evergrande was one of the main parties vying for control of Vanke and its sale of Vanke shares to Shenzhen Metro — an ally of the Vanke management — shows Evergrande essentially throwing in the towel on China’s first hostile takeover attempt, especially as the sale crystallises a Rmb7bn ($1.03bn) trading loss for Evergrande.
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