(Yicai Global) June 21 -- The time of Wang Shi, founder and chairman of China Vanke Co. [SHE:000002], at the company has abruptly come to an end. "I will step down from the board of Vanke, the world's biggest commercial property developer, and will not be nominated to its new board," Wang announced on his personal social media account this morning. "I had already decided not to be nominated as a board member when I was mulling a board reshuffle," he said, Wang sharing a picture of him and Yu Liang, president of Vanke.
Wang's statement is related to Vanke's announcements on the same day. Vanke received three proposals about board membership replacement from Shenzhen Metro Group Co., its largest shareholder, on June 19, the company said. Founder Wang Shi was not among the nominees.
Vanke's management has three executive director nominees -- Yu Liang, Wang Wenjin and Zhang Xu. Shenzhen Metro Group also has three candidates-- Lin Maode, chairman, Xiao Min, general manager, and Chen Xianjun, finance director. The list includes an external director nominee, Sun Shengdian, chairman of Shenzhen Electronics Group Co., who is possibly appointed by the State-Owned Assets Supervision and Administration Commission of Shenzhen.
Nobody from the Baoneng-led group owned by retail investor Ju Shenghua that holds a 25.4 percent stake in Vanke, or Anbang Insurance Group, another shareholder in Vanke, is among the director nominees. Both companies have been subject to regulatory penalties of late. Their tussle for control of Vanke, the world's biggest commercial property developer, will remain a market focus.
Shenzhen Metro, the number one shareholder of Vanke, re-emphasized its support for Vanke's development while submitting the list. It said in a statement that it consulted Vanke's major shareholders before submitting the proposal to the property developer.
Vanke has made remarkable achievements over the past 30 years under Wang's leadership, Shenzhen Metro said, adding that it respects Wang's decision. It hopes that Vanke could continue to lead the property industry by sticking to the established strategies and operating mechanisms under Yu's leadership.