Developer Vanke scrambles in response to Baoneng share purchase

Mainland developer China Vanke has announced it will reveal details of a proposed restructuring in January as the world’s largest listed property firm faces what its Chairman Wang Shi has called a hostile takeover bid from shareholder Baoneng Group, Bloomberg reported. Vanke’s Friday suspension of trading pending a share sale sparked speculation the company is seeking to dilute Baoneng Group’s share of 22.45%, acquired through a consortium on December 11 to bring the latter’s stake in the former up from less than 5%. “Vanke may try to introduce a third-party investor,” said David Hong, director of China Real Estate Information Corp.