(Yicai Global) Oct. 18 – State-run Shenzhen Metro Group Co., the largest shareholder in Chinese real estate giant China Vanke Co. [SHE: 000002], has shaken up its leadership.
Xin Jie, ex-chairman of Shenzhen Tagen Group Co. [SHE:000090], has succeeded outgoing chairman Lin Maode.
Shenzhen Metro announced the changes yesterday, but did not disclose either the reasons for Lin's departure or its future plans. Lin is 61 years old, a normal age at which heads of state-owned enterprises retire.
Xin, who is 51, has been chairman of Tagen Group since 2011 and previously held leading posts in several Shenzhen companies. Tagen Group and Shenzhen Metro Group are all enterprises under the State-Owned Assets Supervision and Administration Commission (SASAC) of the government of Shenzhen, while the former’s core business lies in construction, whereas the latter mainly builds rail transit projects.
Shenzhen Metro Group has repeatedly upped its stake in Vanke this year until it is now the largest shareholder in the real estate juggernaut with a holding of 29.38 percent.