Battle for home builder China Vanke heats up as Evergrande raises stake

Hong Kong

A BATTLE for control of China's largest home builder heated up after the country's No 2 player raised its stake in China Vanke to nearly 7 per cent, sending Vanke stock higher with investors and analysts betting more share raids are in store.

The move by highly indebted but ambitious China Evergrande Group comes amid a rare public Chinese boardroom spat. Vanke is already fending off a potential bid from its biggest investor, financial firm Baoneng Group, which has built up a 25 per cent stake despite the developer's protests.