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The A shares of China Vanke (2202) resume trading today after a suspension of more than six months, but the price may come under significant downward pressure considering the sluggishness of the market.

經過六個多月的停板后，萬科(股票代碼：2202)在A股市場上重新恢復交易，然而鑒于目前低迷的市場行情，其股價卻面臨著嚴重的下行壓力。

"When Vanke suspended trading, its share price was at peak. However, the A-share market has plunged by over 20 percent this year, so there’s great possibility that Vanke’s share price will catch up with the fall ," said Hong Hao, chief China strategist at BoCom International Holdings.

交銀國際控股有限公司的首席首席策略師洪灝表示：“萬科停板時其股價處于最高點。然而今年A股市場成交額已下降了20%，因此萬科的股價極有可能受到拖累。”

Its shares may be hit by tension between management and top shareholders.

萬科管理層與大股東間的沖突可能將導致其股價大幅下跌。

A restructuring plan to introduce Shenzhen Metro as the largest shareholder is opposed by Baoneng and China Resources, two top Vanke shareholders. Although they deny acting in concert illegally, both have expressed discontent Vanke appeared to be controlled by internal personnel.

引入深圳地鐵作為最大股東的重組計劃遭到了萬科兩個大股東--寶能和華潤的反對。盡管兩大股東并不否認該行為的合法性，卻仍表達了對萬科遭到內部人士控制的苗頭的不滿。

Yesterday, Vanke’s board decided not to hold an extraordinary meeting as required by Baoneng,which aims to oust directors and supervisors, including Wang Shi.

昨日萬科的董事會沒有應寶能集團的要求召開特別會議商討是否罷免王石在內的高管。

The trading halt was not only for restructuring but also came after Baoneng becoming the largest shareholder in December through its two subsidiaries, Shenzhen Jushenghua and Foresea Life Insurance.

萬科股票停止交易不僅是為了進行重組，還在于寶能集團于去年12月通過引入旗下兩大子公司深圳鉅盛華和前海人壽保險成為了萬科最大的股東。

Baoneng is not welcomed by chairman Wang Shi, who said it lacks credibility as its stake in Vanke was largely funded by margin financing.

王石并不歡迎寶能集團，認為其采用證券保證金融資的方式購買萬科股份缺乏信用基礎。

In its latest share acquisition of Vanke’s shares, Jushenghua borrowed 6.43 billion yuan (7.46 billion HK dollars), which is twice the amount of its own investment.

鉅盛華最近一次購入萬科股份時舉債64.3億人民幣(74.6億港幣)，兩倍于其自身投資。

If Vanke’s A-share price slumps by over 20 percent of its bid price, Jushenghua needs to meet margin calls, otherwise it will face a forced liquidation.

倘若萬科在A股市場股價的跌幅超過20%，鉅盛華將不得不進行補倉，否則將面臨清算。

In the first half, Vanke’s total sales area was 140.9 million square meters and turnover was 190.1 billion yuan, surging by 56.1 percent and 72.9 percent year on year.

上半年，萬科售出的房產面積達到1.49億平方米，同比增長56.1%;其營業額為1901億人民幣，同比增長72.9%