Property developer China Vanke, which has been embroiled in a corporate power struggle for more than one year, said late Thursday that it was informed by its No.2 shareholder China Resources Group that it had signed a deal to transfer all the Vanke shares it owns to Shenzhen Metro Group for 22 yuan ($3.19) per share.
China Vanke said in an earlier statement on Thursday that China Resources Group is "considering a major plan."
China Resources said it had nothing to add at this point.
It was not immediately clear if such a move would help Vanke fend off its biggest shareholder, financial conglomerate Baoneng which has built up a 25 percent holding and has sought to oust management. It would also fall short of a previous Vanke plan to make Shenzhen Metro its No.1 shareholder through an asset swap worth $6.9 billion.
Vanke last month called off the deal with Shenzhen Metro, saying it could not get major shareholders to agree.
China Resources previously opposed the Shenzhen Metro deal but has said it was not working with Baoneng to replace Vanke's board.
David Hong, head of research at CRIC Hong Kong, said he thought it was possible that China Resources could sell its shares to a Shenzhen State-owned company.
"The shares were bought by its former chairman and may not fit into China Resources' current portfolio," he said.
Vanke shares were suspended in Hong Kong and Shenzhen on Thursday. The shares will resume trading on Friday.
