BEIJING-BASED insurer Anbang Insurance Group Co. boosted its holding of China Vanke Co.’s Shenzhen-listed shares to more than 7 percent before trading was halted last Friday.

    Anbang’s move added another twist as a dispute simmers over control of Vanke, the world’s largest residential-property developer by revenue.

    Anbang raised its holding of Vanke’s A shares Thursday last week, according to a filing Tuesday to Hong Kong’s stock exchange.

    That was that day Vanke’s chairman Wang Shi told an internal meeting that the developer didn’t welcome a consortium backed by Baoneng Group becoming its biggest shareholder.

    The next day, Anbang bought more, a filing showed Tuesday. Overall, Anbang boosted its stake of Vanke’s A shares to 7.01 percent from 5.69 percent during the two days. Vanke shares jumped by the 10 percent daily limit Thursday and Friday last week.

    The Hong Kong filing also showed that Baoneng bought 118.4 million Vanke shares Tuesday to boost its stake in the Shenzhen-based developer to 23.52 percent.

    Anbang acquired New York’s Waldorf Astoria hotel as part of a global expansion.

    The Beijing-based company has also struck deals to buy an office property from Blackstone Group LP and to acquire Delta Lloyd NV’s Belgian banking unit, while also investing in insurers in South Korea and Belgium. In November, it agreed to buy Fidelity & Guaranty Life in the United States. (SD-Agencies)