China Evergrande Group, the country’s largest property developer, said it has no plans to buy more China Vanke shares. Evergrande said its interest in Vanke, China’s second-largest developer, will be accounted for as available-for-sale financial assets and the results of Vanke will not be consolidated into its financial statements, according to a filing to the Hong Kong stock exchange Friday morning. The move comes a day after China Resources Holdings agreed to sell its entire shareholding in Vanke to state-backed Shenzhen Metro Group. The Shenzhen-based subway operator will buy the entire 15.31 per cent shareholding in Vanke from China Resources, Vanke said in a statement to the Hong Kong exchange on Thursday. Under the agreement Shenzhen Metro will pay 37.2 billion yuan, or 22 yuan per share to buy 1.69 billion of the company’s A-shares listed in Shenzhen. The price amounts to a 7 per cent premium from Vanke’s last closing price of 20.4 yuan. In selling its shares, China Resources, the state-owned conglomerate and a long-term investor in Vanke, has effectively withdrawn from the battle for control over the Shenzhen-based developer, leaving Shenzhen Metro as the apparent winner. Baoneng Group – the insurance conglomerate controlled by China’s fourth richest man, Yao Zhenhua – holds the largest stake in Vanke with 25.4 per cent, followed by China Evergrande Group with 14.07 per cent.