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Baoneng Group faces the forced liquidation of its investment in China Vanke unless it can meet impending margin calls on its borrowing — in a demonstration of the risk of using leverage to build a stake for a hostile bid. 宝能集团(Baoneng Group)对万科(China Vanke)的投资面临被迫变现，除非它能满足迫在眉睫的追加贷款保证金要求。这展示了利用杠杆积累股权、实施敌意收购的风险。 In recent weeks, Baoneng’s fight for control of Vanke, China’s largest residential developer, has fascinated the country’s financial community. Vanke chairman Wang Shi had previously branded the private owners of Baoneng “barbarians”, warning that a takeover by them would wreck Vanke’s corporate culture. 最近几周，宝能对中国最大住宅开发商万科控制权的争夺，紧紧抓住了中国金融界的注意力。万科董事长王石此前称，宝能的私人所有者为“野蛮人”，警告被其收购将毁掉万科的企业文化。 | 
