A long-simmering feud at one of China’s biggest property companies has boiled over, with the largest shareholder in China Vanke demanding the resignation of developer’s charismatic founder and the rest of his board.
In a statement to the Shenzhen and Hong Kong stock exchanges on Sunday, China Vanke said Baoneng Group, a privately held insurer, wanted to convene a shareholder meeting to oust Wang Shi and his fellow board members.
Last year Baoneng amassed a 24 per cent stake in Vanke. Baoneng’s share purchases were bitterly opposed by Mr Wang, Vanke’s founding chairman, who denounced Baoneng as a “barbarian” as he sought to defend his company from a potentially hostile takeover.
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