Major shareholder opposes Vanke's 45.6b yuan share-sale plan
Tue, Jun 21, 2016 - 5:50 AM
Construction workers at the site of the China Vanke Co apartments called Fun City in the Fangshan district on the outskirts of Beijing. Vanke defended its proposal, saying it expected the deal to bring "continuous quality project resources" in key Chinese cities at "reasonable" prices.
CHINA Vanke Co chairman Wang Shi's bid to fend off a takeover has been thrown into doubt after the property developer's second-largest shareholder, China Resources (Holdings) Co, said the proposal failed to get enough votes from the board.