On the move / Jan 16
Yu to succeed Wang as Vanke chairman Wang Shi, 66, founder and chairman of China’s real estate giant Vanke Co Ltd, has stepped down. Yu Liang, 52, Vanke’s president, would be the new chairman. Wang announced his decision to move on in late June. He said it’s the best time to give the company’s reins to a younger team as it had rich experience and great potential. Shenzhen Metro, the biggest shareholder of Vanke, said Wang made remarkable contributions to the company in the past 33 years. Among the seven non-independent directors, three are from Vanke, three from Shenzhen Metro and one from Shenzhen Electronics Group Co Ltd.
LeSports’ Yu to assist DDMC Culture chairman Wuhan DDMC Culture Co Ltd has appointed Yu Hang, former COO of LeSports, a subsidiary of China’s tech major LeEco, as a special assistant to its chairman in late June. DDMC said Yu would help globalize the company’s sports business. Yu joined LeSports in 2014 as in-charge of copyrights of overseas sports events. Prior, Yu worked for the Asian Football Confederation and Sina Sports. Financial problems late last year cost LeSports many rights, including that to the Chinese Super League. DDMC announced in April it will buy Super Sports Media Inc, which has exclusive copyrights to the 2018-19 Premier League in the Chinese mainland and Macau. The league commands 1 million paid viewers on its online broadcast platform. The company also began to expand sports brokerage and sales business in 2015.
Mu Shi quits Pudong bank for Wanda group Senior economist Mu Shi, 56, has quit as board secretary of Shanghai Pudong Development Bank in June. He will join the financial services division of Wanda Group. Mu took the post in 2015. His annual salary reached about 3.77 million yuan ($553,880), the highest in the bank. It has been Mu’s view that internetbased financial services can bring commercial banks closer to customers. Wanda now has three units in financial services covering internetbased finance, investments and insurance. Wanda’s financial group is expected to generate 26.5 billion yuan in profit this year, company officials said.
Gemdale’s Hu moves to Overseas Chinese Hu Hong, former vice-president of Gemdale Group, China’s real estate major, was appointed in June as Overseas Chinese Town’s executive deputy general manager for north. Overseas Chinese is a State-owned tourism, culture and real estate enterprise. Hu joined Gemdale in 1993 and became the group’s vice-president and chairman for the northwestern real estate companies in 2012. The company launched reform of its organizational structure earlier this year, aiming to develop more projects in regions where competition for land was fierce, including some major cities in South China.