Shenzhen Metro Group becomes China Vanke’s largest shareholder

Shenzhen Metro Group has acquired more shares in China Vanke for $4.3 billion, making it the largest shareholder in the real estate developer.

China Evergrande Group signed a deal to transfer 14.7 percent of the shares it owns in China Vanke Co. to Shenzhen Metro Group on Friday.

Shenzhen Metro Group now owns a 29.38 stake in China Vanke Co.

Shenzhen Metro Group is a subway operator controlled by the Shenzhen government.