Vanke shareholder opposes ouster
By Cai Xiao in Beijing and Chai Hua in Shenzhen | China Daily | Updated: 2016-07-01 07:51
China Resources Group says it has not reached any agreement with Baoneng Group
China Vanke Co Ltd's second-largest shareholder China Resources Group said on Thursday that it opposed plans by Baoneng Group to oust the property developer's board and had not reached any agreement with the largest shareholder on voting.
The financial conglomerate Baoneng is seeking the removal of Vanke's board - a move it made after Vanke's management announced a $6.9 billion deal with Shenzhen Metro Group earlier this month to dilute the holdings of Baoneng and State-owned China Resources.
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