China Evergrande Group has bought additional shares of China Vanke Co Ltd. worth 5.46 billion yuan ($823 million), increasing its stake from 4.68 percent to 6.82 percent, the company announced in a filing with the Hong Kong stock exchange on Monday.

China Evergrande, which now holds the third largest share in China Vanke, bought 235.8 million A shares in the past week, representing 2.1 percent of the company's stake.

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"Vanke is one of the largest property developers in China with strong results. The acquisition is an investment of the group," Evergrande said in a statement.

Meanwhile, Financial Times reported that Vanke plans to reappoint its board next March so Evergrande, which now holds a stake near seven percent, can nominate a board member. Currently, Vanke and China Resources have three board members, while Baoneng has none.

"We think Evergrande will wait and see who comes out on top, and then they will join them, or join the group that gives them the most interest," David Yang, a Shanghai-based analyst at UOB Kay Hian told Financial Times.

Evergrande, which is China's second-largest property developer by sales, has recently invested in other real estate companies and firms in the fields of banking and solar energy. Last week, Evergrande increased its stake in Langfang Development Co. Ltd to 15 percent and also acquired China Calxon Group early this year, according to Reuters.

Currently, Baoneng is Vanke's biggest shareholder with 25.4 percent and is followed by state-backed China Resources Group at 15.29 percent. Evergrande surpassed Anbang Insurance Group, which owns 6.18 percent stake.

TagsEvergrande, China Evergrande, china vanke, Vanke, real estate, real estate developer, Baoneng, Anbang Insurance, China Resources