Takeover battles are bad for your health. On Sunday China Vanke, the Hong Kong and Shenzhen-listed property developer in the throes of a tussle for control, delivered first-half results. While profits after tax eked out a rise of one-tenth, this missed market forecasts as margins lost three percentage points (although management said second-half margins should rebound). Growth prospects, however, have been hurt — yet the disruption may ultimately prove good for minority shareholders.
收購戰對健康有害。上週日，萬科(China Vanke)發佈了上半年業績，這家在香港和深圳上市的房地產開發商正陷入控制權爭奪戰。雖然2016年上半年萬科的淨利潤勉強實現10%的成長，但遜於市場預期，主營業務利潤率下降了3個百分點（不過管理層表示下半年利潤率將會回升）。然而，成長前景已受到損害，不過這場動盪可能最終證明有利於少數股股東。
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