Vanke’s largest shareholder, Baoneng, bought in more shares of the real estate developer Wednesday, according to a company statement.

Vanke said Baoneng Group now holds more than 25 percent after it acquired additional shares, but the purchase has not led to a takeover bid.

Vanke also said the corporate power struggle has affected some of the company’s projects, as partners are skittish on the management change and the potential harm to the quality of Vanke projects.

Baoneng built up a holding of about 24 percent last year and was fearing an imminent bid.

Last month Vanke’s management announced a U.S.$6.9 billion deal with white knight Shenzhen Metro Group, which would dilute Baoneng’s holding.

The battle for control has drawn the attention of regulators. The market is now waiting to see if the Shenzhen bourse will approve the Shenzhen Metro deal.

Others say the bourse could still rule that Baoneng and China Resources, Vanke’s second largest shareholder, are working in concert, which would trigger a mandatory buyout offer.