Real Estate: The “boss” of the largest Chinese real estate firm in Crete

Wang Shi, a global real estate legend, has been in Crete and specifically in Chania since yesterday.

The 71-year-old developer will meet this morning with the vice-governor, while in the afternoon he will have meetings at the Chamber of the prefecture, while tomorrow he will visit Heraklion.

Wang Shi, founder of China Vanke, one of the most powerful residential real estate companies in the world, with a market capitalization of $ 34 billion, known not only for his business successes but also for his campaign to protect the environment (green buildings, wildlife protection, climate crisis), is visiting the island exploring opportunities for green development.

In 2011 he was named by Fortune magazine as one of the “Fifteen Business Leaders Who Changed China”. Ha is president of the WWF in China, and has climbed Mount Everest twice, while he achieved his goal of “climbing the highest peaks of seven continents and reaching the North and South Poles”. Today he is a leader in the plan to increase the number of buildings with almost zero energy consumption.

The new venture

In June 2017, Wang Shi resigned as chairman of Vanke’s board, handing the reigns to Yu Liang.

Destone Acquisition is the 71-year-old retiree’s first big business venture. The company, which applied for listing on the Hong Kong Stock Exchange in April this year, plans to focus on green technology and investing in environmentally friendly consumer products and services.

These include green technologies, smart cities, smart homes, electric vehicles, clean energy, the IoT, automation and more, while eco-friendly consumer products and services include digital services, fitness and entertainment, clothing, food and beverages etc.

Cayman-based Destone Acquisition was founded in May 2021, with the aim of mergers, exchanges of shares, acquisition of assets, purchase of shares and reorganization of companies. It is classified as a special purpose acquisition company (SPAC).

China Vanke

Founded in 1984 during the infancy of Chinese capitalism, Vanke is active in the development, management and sale of real estate in more than 60 cities in mainland China. It has also expanded to Hong Kong, the United States, the United Kingdom and Malaysia since 2012. Its largest shareholder is Shenzhen Metro.

It is headquartered in Vanke Center, which was certified as the first LEED Platinum building in China, in Shenzhen, Guangdong Province and was listed on the Shenzhen Stock Exchange in 1991. As of 2020, Vanke is ranked 208th in the Fortune Global 500. Fortune reported that the company had revenue of $ 53.253 billion, assets worth $ 248.360 billion and 131,505 employees that year.