Beijing

CHINA Vanke Co chairman Wang Shi's bid to fend off a takeover has been thrown into doubt after the property developer's second-largest shareholder, China Resources (Holdings) Co, said the proposal failed to get enough votes from the board.

China Resources questioned the legality of the board's resolution in a statement on its official WeChat account on Saturday, saying Vanke's 45.6 billion yuan (S$9.3 billion) plan to buy assets from Shenzhen Metro by issuing new shares, which would make the subway builder its largest shareholder, needs the approval from two-thirds, or eight, of the 11 members. Shenzhen-based Vanke said on Friday that its board voted seven-to-three in favour of the plan after one director chose to abstain, citing a conflict of interest.