Wang Shi, chairman of China Vanke Co Ltd and Yao Zhenhua, head of Baoneng Group. (Photo: China Daily/Liu Lunan)
Wang Shi, chairman of Vanke, China's largest residential developer, says that a timetable has been set for the implementation of a restructuring plan for his company.
The move is widely seen as a means of warding off persistent attempts by real estate company Baoneng to buy enough shares to take control of Vanke.
Shares in the company were suspended in mid-December last year after Vanke founder Wang Shi openly opposed the Baoneng Group's acquisition of shares making Baoneng Vanke's biggest shareholder.
During an internal meeting Wang reportedly said that Vanke's management team did not welcome Baoneng's approaches because the Shenzhen-based conglomerate with real estate and finance businesses lacked sufficient credibility and could have a negative impact on Vanke's credit rating and reputation.
Wang was speaking on Sunday during the annual conference of the China Entrepreneurs Forum which is being held in Yabuli, a popular ski resort in northeast China's Heilongjiang Province. He did not say when the suspension of share trading in the company would be lifted.
