Vanke Dispels Rumors That Jack Ma Is Appointed Honorary Chairman
Yicai Global
/SOURCE : Yicai
Vanke Dispels Rumors That Jack Ma Is Appointed Honorary Chairman

(Yicai Global) Sept. 7 -- Vanke Weekly, the group's corporate magazine has refuted the rumor of Sept. 1 that Jack Ma, the billionaire founder of Chinese e-commerce giant Alibaba would become their honorary chairman.

There were rumors yesterday that the protracted battle for control of Vanke had been settled before the official launch of the Shenzhen-Hong Kong Stock Connect, with Jack Ma and Mr. Xu Jiayin, chairman of Evergrande Group holding 26 percent and 25 percent, respectively, or a combined 51 percent of Vanke shares. Jack Ma would be Vanke's honorary chairman, Mr. Xu its chairman and founder Wang Shi the chief adviser.

It was also rumored that Baoneng Group, China Resources (Holdings) Co., a state-owned diversified holding company registered in Hong Kong, together with Anbang, the insurance group who purchased New York's Waldorf-Astoria Hotel from Hilton for USD1.95 billion, would sell their shares of Vanke to Jack Ma and Mr. Xu Jiayin at CNY25 per share.[RD1] [BR2] [BR3] Other Vanke managers would keep their positions. Wang Shi and the existing management members would get a salary hike of 10 percent, and salaries for members of the middle management would rise five percent.

The Baoneng-led group spent more than CNY30 billion to acquire a 24.3% stake in Dec. 2015, becoming its largest shareholder. China Resources (Holdings) Co., Ltd. is the second largest shareholder, while Anbang Insurance Group, the third largest, and Evergrande Group, the fourth. Mr. Xu Jia Yin is the chairman of Evergrande. Jack Ma, founder and chairman of Alibaba Group, was the richest man in China in 2014, according to Fortune magazine. He has since been surpassed by Wang Jian Lin, the chairman of Wanda, China's fourth-largest real estate company.

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