Vanke Executives: No Plan to Buy Shares
Yicai Global
/SOURCE : Yicai
Vanke Executives: No Plan to Buy Shares

(Yicai Global) Aug. 22 -- China Vanke Co., Ltd. [SZ:000002], a property developer mired in equity battle, held a results news conference in Aug. 21. When asked about the recent moves of Evergrande Group [HK:03333] to buy Vanke shares, Mr. Wang Wenjin Vanke's executive vice president stated that Vanke had no plans to acquire shares in its rival.

Evergrande, China's second-largest player in the real estate market, has continuously been purchasing shares of Vanke in the secondary market. Vanke is the country's largest real estate group. As of Aug. 15, Evergrande had become Vanke's third-largest shareholder, with 6.82 percent of shares. Evergrande said this move was merely a financial investment in an earlier statement, but the market doubts this assertion.

As to Evergrande's purchase of Vanke's shares, Mr. Zhu Xu the secretary to Vanke's board stated that the shares purchase is a matter of shareholders' interests, as Vanke's shares are publicly traded on the secondary market. So far, Evergrande has not disclosed any intention of raising or reducing its holdings in Vanke.

On the question of whether Vanke would buy Evergrande's shares, Mr. Zhu said it would not be purchasing shares in Evergrande or any other company.

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