China Vanke’s shareholder register has been marked by many exits and entrances over the past few years and on Monday, the group welcomed a new set of players after a major institutional investor believed to be Blackrock took advantage of a share price bounce to offload its entire investment.
The HK$2.1 billion $268 million block trade was undoubtedly timed to get ahead of a large and possibly protracted series of divestments by the insurance group Baoneng, which now holds a 25.4% stake in Vanke worth Rmb 66.94 billion $9.84 billion based on Monday’s closing price in Shanghai.
Privately held Baoneng is currently subject to...
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