'Life or death' matter for Vanke

China Vanke Co, the developer whose $6.9 billion stock sale to a Shenzhen subway operator has drawn opposition from its two major shareholders, said completing the deal is a "life-or-death" matter as it seeks new ways to expand amid surging land costs.

"For our firm, the deal is not like icing on a cake, it's a crucial matter for our future," Vanke senior Vice-President Tan Huajie told investors, according to a recording obtained by Bloomberg News. "If we fail, we are left in an inferior position with respect to our competition."

The proposed transaction would make State-owned Shenzhen Metro Group Vanke's largest shareholder, and in return the developer will get assets it plans to use for property projects.