Vanke welcomes Anbang as ally in tussle
Insurer Anbang injects itself into row between Vanke's managers and largest owner for control of the developer
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Shanghai
CHINA Vanke Co, the developer whose managers are locked in a struggle for control against its largest shareholder, welcomed Anbang Insurance Group Co as an ally after the insurer boosted its stake in the company.
Anbang raised its holding in Vanke's Shenzhen-listed shares on Dec 17 and 18, to 7.01 per cent from 5.69 per cent, before the A shares of China's largest publicly traded developer were halted on Friday pending a share sale and an asset restructuring, according to filings on Tuesday to the Hong Kong stock exchange.
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