Vanke's No. 2 shareholder sells stake amid power struggle

Reuters reports property developer China Vanke, embroiled in a high-profile corporate power tussle for over a year, said on Thursday its No. 2 shareholder China Resources Group will sell its entire 15.31%  stake to Shenzhen Metro Group. The stake sale comes just less than one month after the developer called off an asset-swap deal to make subway operator Shenzhen Metro its largest shareholder. Vanke will transfer 1.69 billion A-shares listed in Shenzhen, equivalent to a 15.3% stake, at 22.0 yuan a share, with the transaction totaling 37.2 billion yuan ($5.40 billion), the country’s second-largest developer said. “China Resources will not own any of the company’s shares after the transaction,” Vanke said in a filing to the Shenzhen stock exchange. Vanke’s shares, which were suspended from trade in both Hong Kong and Shenzhen, will resume trade on Friday.