The second-largest shareholder in China Vanke is not supporting the proposal to remove the real estate developer’s board, relieving some of the pressure that has been building on company chairman Wang Shi.
On Sunday, Vanke said its largest shareholder, the privately held Baoneng Group, had requested a special shareholders’ meeting to oust Mr Wang and his fellow board members.
Both Baoneng, which holds a 24 per cent stake in Vanke, and state-owned China Resources, which holds 16 per cent of shares, opposed a recently announced transaction that would dilute their holdings.
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