July 20, 2018 / 2:44 AM / a year ago

Baoneng Group sells 5 percent stake in China Vanke

The company logo of China Vanke is pictured in Hong Kong, China August 22, 2016. REUTERS/Bobby Yip/File Photo

HONG KONG (Reuters) - China Vanke (000002.SZ) said a major shareholder Baoneng Group has cut its shareholding in the property developer by 5 percent to 20.4 percent in the past three months.

Vanke was embroiled in a high-profile corporate power struggle in late 2015, as financial conglomerate Baoneng built up a major percent stake and sought to oust management.

The crisis was resolved after state-owned Shenzhen Metro Group, a key ally, became its largest shareholder in 2017, holding a 29.4 percent stake.

Vanke said in a filing on Thursday evening it was notified by Baoneng’s units, Shenzhen Jushenghua and Foresea Life Insurance, that they have offloaded 551.96 million A shares in the company during April 17 to July 17 through block trades and centralized bidding.

As of 0218 GMT, Vanke’s shares in Shenzhen dropped 2.3 percent, while its counterparts in Hong Kong eased 2 percent.

Reporting by Clare Jim; Editing by Gopakumar Warrier

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