(Yicai Global) Jan. 16 -- China Vanke Co. has pushed out American Tower Corp. as the world's largest property developer by market value after its shares rose to a record, handing a financial boon to shareholders including Baoneng Group, which last year was locked in a hostile takeover bid for the Chinese real estate company.
Shenzhen-based Vanke's market capitalization climbed to CNY402.6 billion (USD62.6 billion) as its shares surged 4.33 percent to close yesterday at CNY37.09. American Tower dropped 5.34 percent over the past week, closing at USD133 on Jan. 12, giving it a market value of USD57 billion.
Conglomerate Baoneng last year gave up a very public attempt to wrest control of Vanke. It spent CNY45.1 billion acquiring a more than 25 percent stake. Baoneng still holds the shares, giving it a gain on paper of CNY58.9 billion.
Vanke's advance continued today, setting a new high of CNY38.46. China's A-share-listed real estate developers have made great strides since the turn of the year, adding a more than average 12 percent to their worth as of noon.