China Vanke, China’s largest residential property developer, is facing a possible hostile takeover attempt from its largest shareholder and its reaction will provide a litmus test of the maturity of the country’s fledgling capital markets.
In a statement to the Shenzhen Stock Exchange on Monday, the company said it will disclose details of a restructuring plan that could involve new share issuance and asset purchases, as it moves to thwart a consortium led by Baoneng Group, a privately held property-to-financial conglomerate.
Shenzhen-based Vanke said its mainland-listed shares will resume trading no later than January 18 after it halted trading in Hong Kong and Shenzhen on Friday...
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