Evergrande gunning to be No 2 shareholder in 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 corporate power struggle that has already seen its biggest shareholder, the Baoneng financial conglomerate, try to oust its board, with Vanke management now seeking a white knight deal.