Gemdale’s Board Reshuffle Gives Largest Shareholder More Control

Chinese property developer Gemdale Corp. has completed a reshuffle of its management and board. Its largest shareholder FunDe Sino Life Insurance Co. Ltd. now controls three seats on the 11-member board, indicating its willingness to inject resources and keep the company afloat.

Gemdale, one of a handful of Chinese developers to avoid a default so far, remains deep in debt as it tries to offload assets and secure new sources of credit.