Shareholders at a Chinese state-owned real estate company have rejected a proposal to establish a Communist party committee at the firm, in a rare move to thwart efforts to increase the party's influence at state firms.
More than 36 percent of shareholders of Shanghai-listed Tianjin Realty Development rejected the proposal at a January 6 meeting in the city of Tianjin, according to a stock exchange filing published on January 7.
The motion was proposed based on guidance from the Communist Party and according to requirements of the state assets supervisor.
The motion needed two thirds of shareholders to vote in favour in order to pass, according to the filing.
According to guidelines issued in 2015, state-owned firms should establish party committees to "integrate party leadership and corporate governance".
China's President Xi Jinping has said that China will strengthen supervision of state-owned assets and improve the efficiency of state-owned enterprises.
At a party work meeting on state-owned enterprises in October 2016, Xi called for party committees at all levels to step up anti-corruption work and crack down on problems such as state-owned asset embezzlement and influence peddling, state radio reported at the time.
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