Anbang ups stake in Vanke with 2.8b yuan buy
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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.
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