There are not many countries where, in a corporate showdown pitting new money against old, the old money was made in the 1990s.
Such a battle is brewing in China, where a small insurer with less than 300 employees — privately held Baoneng Group — has built up the largest single stake in one of the country’s biggest property companies, China Vanke, which employs more than 38,000 people.
Vanke is also one of China’s best known corporate brands with a celebrity chairman, Wang Shi. Baoneng and its low-key founder, Yao Zhenhua, were largely unheard of until this year.
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