The China Insurance Regulatory Commission (CIRC) on Saturday strongly denied a report concerning the battle for control of shares in China's leading property developer, Vanke.

On Saturday morning an online news portal reported that "the CIRC required China Evergrande Group Chairman Xu Jiayin to purchase 51 percent of Vanke shares in total to take place of Baoneng Group and Anbang Insurance Group."

However, CIRC strongly condemned the report as being groundless and irresponsible rumor-spreading. They also asked for an apology and reserved the right to take legal action against the source of the rumor.

Evergrande Group, one of leading Chinese real estate companies, recently replaced Anbang Insurance Group as Vanke's third largest shareholder by buying a total of 6.82 percent of outstanding Vanke shares.

Chinese conglomerate Baoneng Group is currently Vanke's biggest shareholder with a stake of more than 25 percent.

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