New Vanke board swears by new biz model

Vanke Co Ltd, China's real estate major, has constituted a new board of directors at its shareholder meeting on Friday.

On June 21, Vanke's largest shareholder, Shenzhen Metro Group Co Ltd, had proposed a list of nominees to the board. The list received almost 100 percent affirmative votes on Friday.

Baoneng Group, Vanke's second-largest shareholder, did not show up at the meeting. None of Baoneng executives was nominated to the new board either.