On the move

Yu to succeed Wang as Vanke chairman

Wang Shi, 66, founder and chairman of China's real estate giant Vanke Co Ltd, has stepped down. Yu Liang, 52, Vanke's president, would be the new chairman. Wang announced his decision to move on in late June. He said it's the best time to give the company's reins to a younger team as it had rich experience and great potential. Shenzhen Metro, the biggest shareholder of Vanke, said Wang made remarkable contributions to the company in the past 33 years. Among the seven non-independent directors, three are from Vanke, three from Shenzhen Metro and one from Shenzhen Electronics Group Co Ltd.

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