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The battle for control over the country's largest publicly traded property developer, China Vanke,
万科收购案愈演愈烈，为对抗个人地产商宝能集团的收购，
has just intensified as Vanke launches a new move to counter a hostile takeover by the private developer Baoneng Group.
国内最大房地产上市公司万科又有新动作。
Their move is to issue new shares and sell them to Shenzhen Metro,
万科拟通过发行股份的方式购买国有地铁集团-深圳地铁，
a state-run urban transit company, in order to dilute the portion of shares owned by Baoneng.
以此来稀释宝能所持有的股份。
In return, Vanke will acquire stakes worth about 40 to 60 billion yuan in a real estate unit of Shenzhen Metro.
作为回报，万科将收购深圳地铁400-600亿的地产项目。
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，深圳宝能集团通过子公司逐渐成为万科第一大股东。
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，宝能持有万科24.26%股份，超过第一大股东，国有企业华润集团。
A takeover by a relatively obscure company like Baoneng, Wang says, will destroy his company's brand.
王石称像宝能等公司并不为人所熟知，这将有损于公司品牌发展。
Indeed, many people would have heard about Baoneng for the first time at the news that they had acquired large stakes in Vanke.
的确，当宝能成为万科最大股东的新闻一出，许多人之前还从未听说过宝能。
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,
为了挽留公司声誉，万科曾在香港和上海停盘，
as well as courting the investments of another private insurer Anbang.
并吸引安邦保险集团投资。
Of course, Anbang, which has just concluded an ambitious takeover of a major US property developer,
此前，安邦刚刚完成对美国主要房地产商的收购，
may just have the kind of pedigree that Wang might be looking for in a major stakeholder of his own company.
而王石就是要寻找像安邦这样，拥有卓越战绩的大股东。
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,
万科收购案吸引了大量目光，不仅是因为各大角逐者的精彩履历，万科的房屋质量，
known for its quality houses and its owner Wang Shi's colorful lifestyle that includes mountain-climbing, parachuting,
还是王石的多彩生活，更是因为这样的对垒更是很少开诚布公，
as well as environmentalism is widely publicized, his face often appearing on the cover of fashion magazines
王石喜爱登山跳伞，更是环境保护人士，
but also because such disputes are rarely fought out in the open.
还常常出现在时尚杂志封面。
It is also hard to deny the fact that Wang himself did not have a controlling stake in the company,
无法否认的是，王石并没有万科的控股权，
which had amounted to leaving the door open for suitors, wanted or unwanted.
这也招致了人们对万科的渴求。
The move by Baoneng to acquire stakes in such a high profile property developer not only makes financial sense
由于地产股票可以获得5%的投资分红，
because while property equity has a dividend of 5 percent its own investments yield less than that
宝能高调收购不仅唤起了金融意识，
but may also represent the beginning of a new era in China of fierce corporate takeover battles.
更代表了中国进入了收购浪潮新时期。
译文属可可英语原创，未经允许，不得转载。
