Evergrande ups China Vanke stake for $822m, becomes 3rd largest shareholder

Evergrande ups China Vanke stake for $822m, becomes 3rd largest shareholder

An employee walks past a logo of Vanke at its headquarters in Shenzhen, south China's Guangdong province, November 2, 2015. REUTERS/Tyrone Siu

China Evergrande Group has raised its stake in larger rival China Vanke Co Ltd to 6.82 percent, becoming Vanke’s third largest shareholder, the latest move in an acquisition spree by the property development company.

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