Mainland real estate developer China Vanke will issue new shares to finance the purchase of RMB40-60 billion (US$6.2-9.3 billion) in assets from state-owned Shenzhen Metro Group to try and thwart a potential takeover attempt by its largest shareholder, Baoneng Group, The Wall Street Journal reported. Vanke declined to confirm whether Shenzhen Metro would become its largest shareholder if successful. Vanke suspended trading of its Shenzhen-listed A-shares and Hong Kong-listed H-shares in December while it prepared a plan to restructure assets in response to share purchases by Baoneng Group. Baoneng has declined to comment on its intentions. H-shares resumed trading in January.
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