Evergrande acquires stake in troubled Vanke

Chinese property developer Evergrande Group had bought a 4.68 percent stake in its rival China Vanke Co, further complicating the already intense battle for control of Vanke.

Vanke's A shares started to rise on Thursday afternoon and surged 10 percent to 19.67 yuan ($2.96), their daily limit, within three hours, the highest price since July 21.

The upward trend came after Guangzhou-based Evergrande bought more than 516 million Vanke A shares, worth over 910 million yuan, through a subsidiary, the company said in a regulatory filling on Thursday.