Two years ago, it looked like Wang Shi would be able to retire on his own terms.

Back then, the founding chairman of China Vanke, the country’s most valuable property company, could look back on an almost 30-year career with few regrets. In addition to building one of China’s most admired corporate brands, he had attained an almost rock-star-like popular following for his personal exploits, which have included summiting the highest mountains on all seven continents and trekking to both the North and South poles.

Uniquely among his China Inc peers, Mr Wang built a business that could not be slotted neatly into either the state or private spheres. While Vanke’s shareholders included large state and private-sector enterprises, until late 2015 none held more than 12 per cent of the company and all were content to let Mr Wang’s management team run it as they saw fit.