China Resources Opposes Baoneng's Vanke Move

Bloomberg: Vanke Major Holder Objects to Baoneng’s Board Reshuffle Motion

The latest development underlines the competing interests of state-owned China Resources, a long-term Vanke major shareholder, and Baoneng, amid a restructuring of mainland China’s largest listed developer. Shenzhen-based Vanke has announced a 45.6 billion yuan ($6.9 billion) share sale to Shenzhen Metro Group in a bid to end a battle for control of the developer that has been going on for more than six months. Both China Resources and Baoneng have said they opposed the deal that would make the southern Chinese rail operator Vanke’s largest shareholder.