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Wang Shi, chairman of China Vanke, one of the best-known business men in China, is stepping down from Vanke's board after a years-long power struggle.
His company has been the center of attention due to involvement of stake control by financial conglomerate Baoneng Group, which had sought to oust Vanke's management.
The ownership of the state company Shenzhen Metro was affirmed earlier this month, after it raised its stake to 29.38 percent, surpassing Baoneng.
Wang said on his WeChat account on Wednesday that he is handling the "baton" to Yu Liang and Yu's team, because they are "younger but mature enough." He said he believes it is the best timing and he is full of expectation.
A shareholder meeting to elect new board members will be held on June 30, where Wang's name is missing from a list of board names that included Yu, whose name is placed first.
Wang exited Vanke once before, stepping down as the company's general manager and passing it to Yu Liang. Information from Vanke shows Yu become a general manager in 2001. Wang Shi once wrote in his biography that a man will always have to leave no matter how much energy he has. "If Vanke goes downhill when Wang Shi is gone, then the company is immature," Wang wrote. "Only when I am gone, and the company operates really well, that shows my success."
The net profits of Vanke, one of the largest real estate developers in China, reached 21.02 billion yuan (3.08 billion US dollars) in 2016. It was founded by Wang Shi in 1984.
(CGTN)
