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China Vanke joins Shenzhen commission by way of major shareholder

China Vanke Co. Ltd. jointed Shenzhen's State-Owned Assets Supervision and Administration Commission, by way of its second-largest shareholder Shenzhen Metro Group Co. Ltd., which is also a member of the commission.

According to a Chinese language announcement by the commission, China Vanke's admission as a member meant it can share its experience on growing its business.

Reuters reported that China Vanke had "come under the direct control of the Shenzhen municipal government," a claim that the company did not respond to at the time the report was published March 31. China Vanke's President Liang Yu said in a March 27 earnings call that the mixed ownership of the company would continue even into the future. The company is not a full state-owned enterprise.

Shenzhen Metro Group became China Vanke's second largest shareholder after a completing a 37.17 billion Chinese yuan share transfer deal in January, which was seen as a move to prevent a hostile takeover by Baoneng Group.

As of March 31, US$1 was equivalent to 6.89 Chinese yuan.