The founder of China Vanke, China’s biggest property developer by sales, is stepping down as chairman after fending off the country’s first high-profile hostile takeover attempt.
In a post on his WeChat social media account on Wednesday, Wang Shi said he had made the decision not to be re-nominated. His name was absent from a list of board members submitted by Vanke to the Shenzhen Stock Exchange on Wednesday.
Mr Wang’s departure reflects the new power position of state-owned Shenzhen Metro, marking an effective nationalisation of Vanke, a leader in a sector defined by private players.
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