China Evergrande Group, a real estate conglomerate, has bought another 162 million A shares of China Vanke over the past three months, raising its stake in the country's largest developer to 8.285 percent.
In a filing to the Shenzhen Stock Exchange on Wednesday night, Vanke said Evergrande increased its holdings between Aug. 16 and Nov. 9 and now holds 915 million Vanke A shares at a total cost of 18.8 billion yuan (2.8 billion U.S. dollars).
Evergrande said its investment was based on Vanke's strong corporate performance.
On Wednesday, Vanke's shares closed 8.59 percent higher at 26.30 yuan.
