Baoneng Group sells 5 pct stake in China Vanke
HONG KONG, July 20 (Reuters) - China Vanke said
a major shareholder Baoneng Group has cut its shareholding in
the property developer by 5 percent to 20.4 percent in the past
Vanke was embroiled in a high-profile corporate power
struggle in late 2015, as financial conglomerate Baoneng built
up a major percent stake and sought to oust management.
The crisis was resolved after state-owned Shenzhen Metro
Group, a key ally, became its largest shareholder in 2017,
holding a 29.4 percent stake.
Vanke said in a filing on Thursday evening it was notified
by Baoneng's units, Shenzhen Jushenghua and Foresea Life
Insurance, that they have offloaded 551.96 million A shares in
the company during April 17 to July 17 through block trades and
As of 0218 GMT, Vanke's shares in Shenzhen dropped 2.3
percent, while its counterparts in Hong Kong eased 2 percent.
(Reporting by Clare Jim; Editing by Gopakumar Warrier)
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