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Baoneng moves to oust board

CCTV.com

06-28-2016 00:50 BJT

A plan by China Vanke's largest shareholder to oust the property developer's board has led banks to reconsider how they rate the company's credit. Vanke President Yu Liang told a shareholders' meeting in Shenzhen about the news on Monday.

Financial conglomerate Baoneng built up a big stake in Vanke last year and now it's seeking to oust founder and chairman, Wang Shi and the rest of the board. Yu said that in the wake of Baoneng's effort, that some of the company's projects now face the risk of cancellation. He said that's because banks are reconsidering how they rate Vanke's credit while partners are looking to adjust business terms and head hunters are eyeing employees.

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