堵截宝能 谁真正救了万科

Rejoice at the demise of a poorly motivated deal.

太好了，一笔动机不足的交易黄了。

Yesterday China Vanke, the developer listed in Hong Kong and Shenzhen, said it would not after all buy assets from Shenzhen Metro in exchange for shares.

在香港和深圳两地上市的开发商万科(China Vanke)昨日最终表示，将不会用股票换取深圳地铁(Shenzhen Metro)的资产。

The deal was touted in March as a means to ensure Vanke’s future growth.

这笔交易在3月曾被宣传为确保万科未来增长的一种手段，

It was, rather, designed to bring a large, friendly shareholder on to the register to tip the balance in a battle for control.

但其真实目的是让一个庞大的、友好的股东成为大股东，以改变股权之争中的力量对比。

Vanke has been caught in a takeover tussle since last year when companies affiliated with Baoneng, a privately owned insurer, began to build a stake now worth one quarter of the company.

万科从去年开始陷入收购争夺战，当时私人所有的保险公司宝能(Baoneng)的关联企业开始增持万科股份，现已持有万科四分之一股份。

Although the largest shareholder, Baoneng’s position has been weakened.

不过最大股东宝能的地位已被削弱。

Last week China’s insurance regulator said it would lower the limit on equity investment by insurers from 40 to 30 per cent of their portfolios.

上周中国保险监管机构表示，将权益类资产占保险公司总资产比例上限从40%下调至30%，

Individual holdings cannot amount to more than 5 per cent, half the previous level.

单一股票投资不得超过5%（比原规定上限水平减少一半）。

The intention of authorities, which have upbraided Baoneng for using leverage to buy into Vanke, is clear.

曾斥责宝能利用杠杆收购万科的有关部门的意图很明显。

Baoneng is not alone in having its ambitions curbed.

野心受到外力抑制的并不止宝能一家。

Hong Kong-listed China Evergrande owns 14 per cent of Vanke through subsidiaries.

在香港上市的中国恒大(China Evergrande)通过子公司持有万科14%股份。

Its insurance arm has had product sales halted and it has been barred from investing in China’s stock markets.

恒大旗下保险公司的产品销售已被叫停，且被禁止投资中国股票市场。

Evergrande said on Chinese state TV it had no interest in the control of its peer, suggesting it will not side with Baoneng.

恒大在中国国家电视台上表示，自己无意、也不会做万科的控股股东，暗示自己不会与宝能联手。

Fortunately, too, cancelling the Shenzhen Metro deal will bring China Resources, the state-owned enterprise which owns 15 per cent of Vanke, back on side with management.

幸运的是，深圳地铁交易的取消，将令持有万科15%股份的国有企业华润(China Resources)重新与万科管理层站到同一战线。

Not a moment too soon.

时机不早不晚。

In the first half of 2016, skittish partners began to back away from Vanke projects; S&P in August downgraded its outlook from stable to negative.

2016年上半年，紧张不安的合作伙伴们开始纷纷退出万科项目，标准普尔(S&P)在8月份将万科评级展望由稳定降为负面。

And after a stellar run, China’s property market is softening.

而且经过一轮高速增长后，中国房地产市场已开始疲软。

Yesterday, official data showed that prices have stalled, in response to cooling measures including mortgage restrictions.

昨日官方数据显示，由于按揭限制等楼市降温措施的作用，房价已开始停滞。

Vanke can now focus on the problem thanks to its real white knight: officialdom.

万科现在可以集中精力解决自己的问题了，这都要感谢真正的白衣骑士——官方。