The battle for control of Vanke is drawing some unwanted notice. Ratings agency Standard and Poor's says a possible change in Vanke's board is sending negative signals. The ratings agency also says a board change would affect the developer's financial stability.

Standard and Poor's says it will reassess Vanke's strategy, execution, and financial policies while waiting for a formal reply about the situation from the company. Analysts say a high credit rating is the major reason Vanke had been able to issue bonds at almost the same level as Chinese T-bills in the past. They also say a downgrade would affect Vanke's operations, and the ongoing battle for control of the company.