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The battle for control over the country's largest publicly traded property developer, China Vanke,
萬科收購案愈演愈烈，為對抗個人地產商寶能集團的收購，
has just intensified as Vanke launches a new move to counter a hostile takeover by the private developer Baoneng Group.
國內最大房地產上市公司萬科又有新動作。
Their move is to issue new shares and sell them to Shenzhen Metro,
萬科擬通過發行股份的方式購買國有地鐵集團-深圳地鐵，
a state-run urban transit company, in order to dilute the portion of shares owned by Baoneng.
以此來稀釋寶能所持有的股份。
In return, Vanke will acquire stakes worth about 40 to 60 billion yuan in a real estate unit of Shenzhen Metro.
作為回報，萬科將收購深圳地鐵400-600億的地產項目。
Baoneng, a Shenzhen-based conglomerate, has been quietly building up the largest single stake in Vanke since September through its subsidiaries.
自去年9月起，深圳寶能集團通過子公司逐漸成為萬科第一大股東。
By December, it owned 24.26 percent of Vanke, surpassing the state-owned China Resources as the largest shareholder.
截止到去年12月份，寶能持有萬科24.26%股份，超過第一大股東，國有企業華潤集團。
A takeover by a relatively obscure company like Baoneng, Wang says, will destroy his company's brand.
王石稱像寶能等公司并不為人所熟知，這將有損于公司品牌發展。
Indeed, many people would have heard about Baoneng for the first time at the news that they had acquired large stakes in Vanke.
的確，當寶能成為萬科最大股東的新聞一出，許多人之前還從未聽說過寶能。
Wang's previous measures to protect his company from a reputation deficit have included suspending trading of its shares in both Hong Kong and Shenzhen stock exchanges,
為了挽留公司聲譽，萬科曾在香港和上海停盤，
as well as courting the investments of another private insurer Anbang.
并吸引安邦保險集團投資。
Of course, Anbang, which has just concluded an ambitious takeover of a major US property developer,
此前，安邦剛剛完成對美國主要房地產商的收購，
may just have the kind of pedigree that Wang might be looking for in a major stakeholder of his own company.
而王石就是要尋找像安邦這樣，擁有卓越戰績的大股東。
The battle for corporate ownership of Vanke has attracted much attention, not just because of the profile of the players involved—Vanke is of course,
萬科收購案吸引了大量目光，不僅是因為各大角逐者的精彩履歷，萬科的房屋質量，
known for its quality houses and its owner Wang Shi's colorful lifestyle that includes mountain-climbing, parachuting,
還是王石的多彩生活，更是因為這樣的對壘更是很少開誠布公，
as well as environmentalism is widely publicized, his face often appearing on the cover of fashion magazines
王石喜愛登山跳傘，更是環境保護人士，
but also because such disputes are rarely fought out in the open.
還常常出現在時尚雜志封面。
It is also hard to deny the fact that Wang himself did not have a controlling stake in the company,
無法否認的是，王石并沒有萬科的控股權，
which had amounted to leaving the door open for suitors, wanted or unwanted.
這也招致了人們對萬科的渴求。
The move by Baoneng to acquire stakes in such a high profile property developer not only makes financial sense
由于地產股票可以獲得5%的投資分紅，
because while property equity has a dividend of 5 percent its own investments yield less than that
寶能高調收購不僅喚起了金融意識，
but may also represent the beginning of a new era in China of fierce corporate takeover battles.
更代表了中國進入了收購浪潮新時期。
譯文屬可可英語原創，未經允許，不得轉載。
