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Evergrande gunning to be No 2 shareholder in Vanke

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A model of a condo complex by Evergrande in Wuhan, Hubei province. Analysts say Evergrande could reduce its gearing via a takeover of rival property developer China Vanke.

Hong Kong

CHINA Evergrande Group said it has bought more shares in rival property developer China Vanke - the latest purchase in a rapid build-up this month that could soon see it become the company's No 2 shareholder.

Vanke is at the centre of a rare, high-profile and complex