# Zhu Baoquan

Vanke’s Shadow Empire: How Onewo Executives Opaque Supplier Web Siphoned Wealth During a Property Crisis

Investigative reports reveal that Onewo executives utilized a complex network of offshore shadow companies to siphon billions from Vanke's property services arm via rigged supplier contracts and middleman acquisition deals. This systemic extraction occurred even as Vanke faced historic losses, exposing severe governance failures within one of China's most prominent real estate groups.