萬科取消與深圳地鐵集團的交易

The barbarians at the gate have claimed a victory in the battle for control over China Vanke, the country’s largest retail property developer, after the company called off a deal to take on a new majority shareholder.

門口的野蠻人在一場圍繞中國最大零售地產開發商中國萬科(China Vanke)控制權的爭奪戰中取得了勝利，此前萬科取消了一項引入一家新的大股東的交易。

Shares in Vanke fell more than 6 per cent to HK$18.22 in Hong Kong on Monday morning after the home builder said on Sunday

週一上午，萬科在香港的股價一度下跌近6%，至每股18.22港元。

that it had dropped plans to sell some $7bn worth of shares to enlist Shenzhen Metro Group as a white knight in exchange for property assets.

這家住房建築商上週日表示，已取消向深圳地鐵集團(Shenzhen Metro Group)發行價值約70億美元的股票、讓後者成爲白馬騎士並收購後者地產資產的計劃。

Vanke found itself the target of China’s first high-profile hostile takeover nearly a year ago after little-known Baoneng Insurance increased its holdings in the developer to about 24 per cent.

將近一年前，當默默無名的寶能(Baoneng)增持萬科股份至約24%時，萬科發現自己成了中國最引人注目的敵意收購案的目標。

The dispute has become China’s most-watched corporate battle, spilling onto the public stage with the chairmen of Vanke and Baoneng slinging insults at one another in domestic media.

這場爭執已成爲中國最令人矚目的企業爭奪戰，隨着萬科和寶能的董事長在國內媒體上互相辱罵，這場爭執還延伸到了公共舞臺上。

China Evergrande , the country’s second-largest property group, also joined the fray, boosting its stake in Vanke to a level that would permit it to nominate a board member.

中國第二大地產集團恆大(Evergrande)也加入戰鬥，增持了萬科的股份，以至於有資格向萬科董事會提名一位董事。

In an effort to bolster its defences, Vanke in June announced that it had agreed a deal for a stake in Shenzhen Metro that would install the urban transit company as its largest shareholder —

爲了加強防禦，萬科在6月宣佈，它已同意了一項收購深鐵集團一定股份、使這家城市交通集團成爲萬科最大股東的計劃。

a plan attacked by Baoneng and state-run China Resources, another major shareholder, who opposed having their holdings diluted.

該計劃遭到寶能和另一個大股東——國有企業華潤(China Resources)的抨擊，它們反對自己的股權被稀釋。

In a stock exchange filing late on Sunday, Vanke said it had called off the deal with Shenzhen Metro after certain major shareholders of the company had publicly expressed their varying opinions on the transaction proposal.

萬科上週日晚在提交給證交所的文件中稱，在公司部分主要股東公開表示對本次交易方案存在不同意見後，萬科取消了與深鐵集團之間的這項交易。

Ken He, an analyst at DBS Vickers in Shanghai, said the cancellation of the deal was clearly negative for Vanke but that it was unclear which shareholder would benefit the most from announcement.

星展唯高達(DBS Vickers)駐上海分析師何亮(Ken He)表示，交易的取消顯然對萬科有負面影響，但哪位股東從中受益最大是個未知數。

There are too many key shareholders and all have different views on this transaction, he said.

他說： 關鍵股東太多了，而且對這項交易各有各的看法。

The fight for control has taken a toll on Vanke’s finances.

控制權之爭影響到了萬科的財務狀況。

In August, the company disclosed that the dispute had resulted in delay or cancellation of 31 projects this year as its management was called into question.

8月份，萬科披露稱，由於其管理層受到質疑，這場爭執已導致今年有31個項目被推遲或取消。

Banks have also curtailed Vanke’s access to loans, and global rating agencies have warned of an impact on the group’s corporate rating.

銀行方面也減少了對萬科的貸款，全球評級機構已警告稱，萬科的企業評級會受到衝擊。

While privately held Baoneng has been the primary agitator, with Baoneng and China Resources remaining Vanke’s two largest shareholders, rival property developer Evergrande has also become a key stakeholder.

雖然民營企業寶能一直是主要攪局者——寶能和華潤仍是萬科的兩個最大股東——與萬科存在競爭關係的房地產開發商恆大也成爲了主要的利益相關者之一。

As of late last month, Evergrande had bought Rmb36.8bn ($5.3bn) worth of Vanke shares, increasing its stake to 14 per cent.

截至上月末，恆大購買了價值368億元人民幣（合53億美元）萬科股份，將其對萬科的持股比例增加至14%。

However, at the weekend, a senior Evergrande executive told Chinese media the group had no intention of seizing control of Vanke.

然而，上週末，一位恆大高管對中國國內媒體表示，恆大無意奪取萬科的控制權。

Anbang Insurance, another acquisitive Chinese group, also has a substantial holding in Vanke.

另一個喜歡收購的中國集團安邦保險(Anbang Insurance)也在萬科持有大量股份。

However, Baoneng has faced some setbacks of its own in recent weeks.

不過，寶能在最近幾周自身遇到了一些挫折。

The China Insurance Regulatory Commission in early December barred Baoneng’s unit Foresea Life Insurance from issuing universal insurance policies — high-risk, high-return products often used to fund corporate deals.

12月初，中國保監會(CIRC)禁止寶能旗下壽險公司前海人壽保險(Foresea Life Insurance)發行萬能險保單——這是一種高風險、高回報的產品，常用來爲公司併購籌措資金。

The products come under regulatory scrutiny because they are essentially wealth management products rather than traditional protection-style insurance policies.

這些產品受到監管審查，是因爲它們實際上是理財產品，而不是傳統的保障型保單。

The country’s securities regulator has also denounced companies making highly leveraged takeovers as barbarians and robbers.

中國證券業監管人士也譴責了從事高槓杆收購的公司，稱它們爲野蠻人和強盜。