Vanke announced Sunday night that for the second time this year its board of directors has rejected calls for an extraordinary shareholders meeting.

The purpose of the meeting was to vote on the ouster of Vanke's board. That was after Vanke announced a 7 billion U.S. dollar deal with Shenzhen Metro intended to dilute Baoneng's position as the company's largest shareholder.

Analysts say however that Baoneng could still ask a supervisory committee to call an extraordinary shareholders meeting.