Vanke finds its white knight

Property giant says unidentified ally to help in tussle with largest shareholder

China Vanke Co Ltd, the country's largest listed homebuilder by market value, said on Tuesday it had found a potential investor, and is in talks with others, as it wages a struggle for control against its largest shareholder.

The company said in a statement to the Hong Kong Stock Exchange that it signed a letter of intent on Friday to buy unspecified assets from a potential investor by issuing new shares and using cash.