Accusations fly as Vanke battle hots up

Real estate giant urges watchdogs to investigate asset management plans of Baoneng Group

Real estate giant China Vanke Co Ltd is accusing its largest shareholder Baoneng Group of illegal acts and insufficient disclosure of stock ownership moves, warning of an upsurge in the battle for control of the company.

Vanke has asked the China Securities Regulatory Commission and the Shenzhen Stock Exchange to probe into the asset management plans, or AMPs, of Shenzhen Jushenghua Co Ltd, an arm of Baoneng Group, on Monday for alleged illegal acts and insufficient disclosure, according to the filing released by the Shenzhen-based developer.