Anbang Insurance Group raised its stake in developer China Vanke to 7% before the latter’s Shenzhen-listed shares were halted pending a share sale and asset restructuring, Bloomberg reported, citing a filing to the Hong Kong stock exchange. The move inserts the insurer into the battle for control of Vanke, sparked when Baoneng Group displaced China Resources Co. as the developer’s largest shareholder, prompting Vanke’s management to label the move a “hostile takeover.” The suspension of the shares has temporarily halted further changes, but the planned sale and restructuring may not be enough to prevent Baoneng from retaining its position as top shareholder.
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