Traders frequently lament the failed punt that becomes a long-term investment. China Evergrande might, then, be celebrating. The property developer turned conglomerate has made a great trade in China Vanke, its developer peer. The latter’s shares have been on a tear since early August when Evergrande revealed its interest. On Tuesday after Evergrande said it had lifted its stake to nearly 7 per cent, Vanke’s mainland-listed A shares rose a further tenth — the daily limit in Shanghai. On the first tranche alone, Evergrande has paper gains of $700m. Despite this success the deal smacks of poor governance.
交易員們常爲變成長期投資的失敗押注哀嘆。那麼，中國恒大集團(China Evergrande Group)可能正爲此慶祝。由地產開發商轉型爲綜合性集團的恆大，在同爲地產開發商的萬科(Vanke)身上做了一筆大交易。自8月初恆大披露其買入萬科股份以來，萬科的股價一直呈現上漲態勢。週二，在恆大宣佈增持萬科股份至近7%後，萬科A股更是上漲了10%，觸及漲停板。僅憑增持前的股份，恆大就獲得了7億美元的賬面收益。儘管取得了這樣的成功，這筆交易仍然帶有治理不善的味道。