Amid a dispute with a private company, Chinese real estate conglomerate China Vanke Co has submitted a report to -regulators claiming that some of its shares were acquired in an apparently irregular manner, media reports said on Tuesday.
Shenzhen Jushenghua and Foresea Life Insurance, two units of Baoneng Group, have been building up stakes in Vanke since the second half of 2015 and now hold 28.83 percent of the company in total, domestic financial news website caijing.com said on Tuesday, citing Vanke's report.
The shares were acquired through nine asset management projects, which allegedly violated provisions of China's information disclosure rules, the report from Vanke showed.
Vanke has submitted the report to regulators including the China Securities Regulatory Commission (CSRC), the Asset Management Association of China, the Shenzhen Stock Exchange and the Shenzhen bureau of the CSRC, according to caijing.com.
The battle over control of -Vanke -escalated in June, when Vanke's -management team announced an asset restructuring plan with Shenzhen -Metro Group, which would have overtaken -Baoneng as the largest shareholder of the developer.
Baoneng and China Resources, Vanke's prior primary shareholder, opposed the restructuring plan. The shareholder battle has greatly affected Vanke's stock price.
It closed at 17.11 yuan ($2.56) on Tuesday, down by more than 22 percent so far this month, according to financial portal finance.yahoo.com on Tuesday.
The report alleged that those nine projects jeopardized the interests of smaller investors and said the matter should be thoroughly investigated by the authorities.
