Anbang ups stake in Vanke with 2.8b yuan buy

Hong Kong

ANBANG Insurance Group has raised its stake in China Vanke, the country's largest developer, to 7.01 per cent by acquiring shares worth 2.84 billion yuan (S$617 million) as Chinese insurers beef up their property portfolios.

Anbang's share acquisition also comes days after a war of words between Vanke's chairman Wang Shi and its biggest shareholder - property and insurance group Shenzhen Jushenghua Co - over control of the property developer.