Evergrande denies desire to increase stake in Vanke

Shenzhen Metro agrees to pay $5.4 billion to become No 2 shareholder

China Evergrande Group, controlled by billionaire Hui Ka Yan, said it has "no intention" of increasing its stake in rival China Vanke Co, after Shenzhen Metro Group Co struck a deal to become the developer's second-biggest shareholder.

Shenzhen Metro agreed to buy China Resources Co's 15.3 percent stake in Vanke for 37.2 billion yuan ($5.4 billion), Vanke said in a statement to the Shenzhen Stock Exchange after the close of trading on Thursday. Evergrande, which has a 14.1 percent stake in Vanke, said in a later statement it had no intention of buying more shares.