Vanke shares plunge amid battle for control

Shares of China Vanke Co, the country's largest residential developer, plunged by the 10 percent daily limit on Monday in a sign of investors' disappointment amid the ongoing battle for control of the company.

Analysts said the share dumping by investors was "within expectation".They said it could highlight investors' concern over the developer's future operation after its largest shareholder, Baoneng Group, a privately held insurer, threatened to oust the entire management team, which is led by founder and famed entrepreneur Wang Shi.

Vanke's stock tumbled by the 10 percent daily trading limit to close at 21.99 yuan ($3.3) after it resumed trading following a six-month suspension.