Property developer China Vanke, embroiled in a high-profile corporate power tussle for over a year, said on Thursday its No. 2 shareholder China Resources Group will sell its entire 15.31 percent stake to Shenzhen Metro Group.
The stake sale comes just less than one month after the developer called off an asset-swap deal to make subway operator Shenzhen Metro its largest shareholder.
Vanke will transfer 1.69 billion A-shares listed in Shenzhen, equivalent to a 15.31 percent stake, at 22.0 yuan a share, with the transaction totaling 37.2 billion yuan ($5.40 billion), the country's second-largest developer said.
"China Resources will not own any of the company's shares after the transaction," Vanke said in a filing to the Shenzhen stock exchange.