Vanke warms to Anbang
China Vanke, the nation’s biggest homebuilder by sales, has welcomed an
increased investment by Anbang Insurance, a week after warning that
stake-building by a different insurer, Baoneng, could “ruin” the
In a statement late on Wednesday, China Vanke said it had engaged in
“effective” dialogue with Anbang, which had raised its shareholding in
the property company from 4.5 per cent to 7 per cent over the last three
“Anbang is an internationally renowned Chinese company, a respected
professional investor, with strong capital strength and rich experience
in overseas property investment,” China Vanke said.
Privately held Anbang has been on a global spending spree, buying the
Waldorf Astoria hotel in New York for $1.95bn last year and acquiring an
office tower in Toronto earlier this year but failing in a recent bid to
buy Portuguese lender Novo Banco.
By contrast, Baoneng, which has built up its holdings to become China
Vanke’s biggest shareholder with a 23.5 per cent stake, is a more
obscure insurance and property group with a much smaller war chest.
Wang Shi, China Vanke’s chairman and founder, attacked Baoneng’s
stakebuilding as something that “could ruin China Vanke’s greatest
asset” which he said was “trust in the company’s brand”.
The public fight over corporate ownership at China Vanke has intrigued
investors because Chinese companies typically prefer to resolve such
disputes behind closed doors.
In addition to being the country’s biggest homebuilder, analysts
consider China Vanke one of the best-run property groups, with a strong
focus on the cities of Beijing, Guangzhou, Shanghai and Shenzhen, whose
property markets have largely defied the national real estate slump.
However, the company has been seen as vulnerable to a hostile mergers
and acquisitions activity because of its dispersed shareholding
structure, unlike its rivals, which are mostly still controlled by their
“This is a well-run company and it sticks to what it’s doing,” said
Jeffrey Gao, a property analyst at Nomura in Hong Kong. “Around one
third of its portfolio is in tier-one cities, it has the best corporate
governance and disclosure and it has delivered double-digit sales growth
each year, even in a bad market.” 野村(Nomura)驻香港的房
Wang Shi is a charismatic figure who in recent years has focused on
academic studies at the universities of Cambridge and Harvard as well as
promoting environmental causes.
He owns just 0.07 per cent of China Vanke, according to its latest
half-year report, and the company is run on a day-to-day basis by Yu
Liang, its president. 万科最新的
As China’s insurance industry has grown rapidly in recent years,
insurers have been stepping up their investments in the property sector
both overseas and at home, where valuations have been hit by the
Anbang said in a statement that it was optimistic about China Vanke’s
prospects and that it wanted to see the management remain stable,
describing the developer as “a benchmark for the industry” with the
“best team” and the “most-recognised brand” in real estate.
Trading in China Vanke’s Shenzhen-listed shares was suspended last
Friday. The company said it is working on a “major asset restructuring”,
which some investors have speculated could be designed to dilute
China Vanke’s stock had jumped by nearly 70 per cent over the previous
month, giving it a market capitalisation of around $40bn.