Vanke chief to step down as battle for control ends

Wang Shi, founder and chairman of China's real estate giant Vanke Co Ltd, announced on Wednesday he will step down and the company's president Yu Liang will take his place.

Experts said this move marks the end of a high-profile battle for control of the company, but concerns remain that its stock price is still sluggish.

On the heels of the announcement, Vanke's Shenzhen-listed shares increased by 1.52 percent on Wednesday morning, but closed at 21.04 yuan ($3.14), a gain of just 0.05 percent.