The Japanese benchmark index finished at a nearly 11-month high as shares received a boost from a weaker yen.
Vanke has under-performed compared to its peers, due likely to its distracted management and bad publicity, says Morningstar IM's Philip Zhong.
Shareholder drama due to Vanke's shareholding structure mean that a hold rating on the stock is prudent, says Danielle Wang, research director at DBS Vickers.
Markets in Asia were lower on Friday as China's home prices rose, a typhoon shut down the Hong Kong market and an earthquake struck Japan.
Markets in Asia traded mixed on Wednesday, with Japanese shares gaining on the back of a weaker yen.
Asian stocks were mixed Thursday, with traders on the sidelines ahead of Janet Yellen's Friday speech, as Chinese markets fell on liquidity concerns.
Markets in Asia finished mixed on Wednesday, despite Wall Street's gains overnight, as traders remained in a wait-and-see mode ahead of Jackson Hole.
Most Asian markets retreated on Monday, with traders likely holding their horses ahead of a speech from Fed chair Janet Yellen on Friday.
Both Baoneng and Evergrande want to get hold of Vanke because it's a great asset that would consolidate their earnings, says GMT Research's Nigel Stevenson.
Japanese shares dropped on Thursday in a mixed Asian trading session, as a stronger yen weighed on sentiment.
Wall Street's fresh record closing highs failed to boost sentiment in Asia markets on Tuesday, with Japanese shares selling off as the yen surged.
Haitong Intl Securities's Kevin Leung says Dalian Wanda Commercial Properties chose to delist because it was heavily discounted in the Hong Kong market.
Baoneng's leveraged acquisition of Vanke shares might not bode well if Baoneng fails in its takeover attempt, says GEO Securities' Francis Lun.
Huarong International Securities's Jackson Wong considers potential motives behind Evergrande's purchase of close to a 10 percent stake in Vanke.
Australian shares rose, shrugging off uncertainty over its inconclusive election outcome, to join a continuing post-Brexit rally across Asia markets.
DBS Vickers' Carol Wu says China Vanke's deal with Shenzhen Metro would lead to a near-term EPS dilution and might not have long-term benefits.
Mizuho Securities Asia's Alan Jin discusses China Vanke's attempt to make Shenzhen Metro its biggest shareholder to avoid a takeover by Baoneng Group.
Asian markets traded mostly higher Friday, after oil prices hit their highest levels for this year. But a stronger yen weighed Japan's shares.
Asia markets traded higher across the board on Monday, extending last week's gains following the announcement of fresh stimulus measures from the ECB.
China Vanke said its core profit rose 13.1 percent, slightly below forecasts, helped by a resurgence in China property sales.