导读:近日，万科的股票重新恢复交易。鉴于A股市场的低迷，其股价很可能出现下跌。而万科董事会目前上演的“宫斗剧”更令事态雪上加霜。
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.
经过六个多月的停板后，万科(股票代码：2202)在A股市场上重新恢复交易，然而鉴于目前低迷的市场行情，其股价却面临着严重的下行压力。
"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.
交银国际控股有限公司的首席首席策略师洪灏表示：“万科停板时其股价处于最高点。然而今年A股市场成交额已下降了20%，因此万科的股价极有可能受到拖累。”
Its shares may be hit by tension between management and top shareholders.
万科管理层与大股东间的冲突可能将导致其股价大幅下跌。
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.
引入深圳地铁作为最大股东的重组计划遭到了万科两个大股东--宝能和华润的反对。尽管两大股东并不否认该行为的合法性，却仍表达了对万科遭到内部人士控制的苗头的不满。
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.
昨日万科的董事会没有应宝能集团的要求召开特别会议商讨是否罢免王石在内的高管。
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.
万科股票停止交易不仅是为了进行重组，还在于宝能集团于去年12月通过引入旗下两大子公司深圳钜盛华和前海人寿保险成为了万科最大的股东。
Baoneng is not welcomed by chairman Wang Shi, who said it lacks credibility as its stake in Vanke was largely funded by margin financing.
王石并不欢迎宝能集团，认为其采用证券保证金融资的方式购买万科股份缺乏信用基础。
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.
钜盛华最近一次购入万科股份时举债64.3亿人民币（74.6亿港币），两倍于其自身投资。
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.
倘若万科在A股市场股价的跌幅超过20%，钜盛华将不得不进行补仓，否则将面临清算。
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，万科售出的房产面积达到1.49亿平方米，同比增长56.1%；其营业额为1901亿人民币，同比增长72.9%
