Ownership battle takes toll on Vanke

Firm shifts its focus from sales to maintaining internal stability for first time in its history

The battle for control of China Vanke Co Ltd is taking such a toll on the troubled real estate giant that the property developer has had to shift its top priority from acquiring land and increasing sales to keeping its management team stable for the first time in its 32-year history, the firm's top executives said on Monday.

The frank admission came at the announcement of the firm's 2016 interim results at a briefing in Shenzhen, where Vanke Chairman Wang Shi and President Yu Liang were notable by their absence, as they were busy "dealing with ownership issues".