Chinese real estate developer Vanke has defended its acquisition plan of Shenzhen metro, saying both the new stock issuance and the stock price are based on agreed terms by both sides.

Vanke Senior Vice-president Tan Huajie said the cooperation between the real estate developer and metro operator is a life-or-death matter. He also said Vanke would not reject other partners in the future, although no plans had been made yet.

Vanke said it would purchase Shenzhen metro's subsidiary, Qianhai International with 45 billion yuan stock issuance, or 15.88 yuan per share. The deal would make the subway operator the largest shareholder of the real estate developer.

China Resources, Vanke's second largest shareholder, opposed paying for the deal through a new share issue instead of cash, and said the share price is too low.