Vanke surges once more as Evergrande increases stake

New twist to changing ownership battle for property giant follows regulatory disclosure

Shenzhen-listed shares in China Vanke Co Ltd, the biggest property company by sales, rose by the daily limit on Tuesday for three days straight and closed at 27.57 yuan ($4.16), following a regulatory disclosure on a stake increase by China Evergrande Group.

Evergrande announced on Monday evening that from Aug 8 to Monday, it further acquired a total of 235,792,663 Vanke A shares, through its subsidiaries, for 5.46 billion yuan.