The truce is over.
Last week a privately held insurance group bought additional shares in one of China’s largest property developers after a six-month hiatus, setting the stage for a final showdown that is ostensibly a simple morality tale about shareholder rights.
Baoneng Group started buying shares and battling the leadership of China Vanke last December. Its first approach provoked an angry reaction from Wang Shi, the residential developer’s founding chairman, who called the group a “barbarian” that would wreck Vanke’s corporate culture.
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