Vanke: Fending Off a Hostile Takeover

From mid-2015 to 2017, Vanke, one of China’s largest real estate developers, became embroiled in a drawn-out hostile takeover bid. The battle started when a relatively unknown Chinese activist investor, the Baoneng Group, quietly began to buy up shares of this star performer. By late 2015, Baoneng emerged as Vanke’s largest shareholder. Vanke’s major rival,

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Sunac China: Rapid Growth Through Debt-financed Acquisitions

Founded in 2003, Hong Kong-listed Sunac China Holdings Ltd. has achieved meteoric growth over the past decade to become one of the country’s largest residential property developers. The company rapidly expanded in an era when a diminished supply of attractive properties, rising project development costs, and intense competition with existing developers, stacked the odds against

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