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China Evergrande Boss Steps Down as Chairman of Its Flagship Property Business

Chinese language real-estate billionaire Hui Ka Yan has stepped down as chairman of China Evergrande Group ’s flagship property enterprise, months after the unit dropped plans for a multibillion-dollar listing on the mainland.

The chairman of Hengda Actual Property, the principle onshore subsidiary of Hong Kong-listed Evergrande, is now Zhao Changlong, commerce registration data on Chinese language database supplier qcc.com confirmed Tuesday. It’s unclear precisely when the change occurred.

Mr. Zhao, a former director of Hengda who beforehand served as its chairman till August 2017, has additionally taken over as the corporate’s common supervisor and authorized consultant, changing Ke Peng.

An Evergrande spokesman confirmed the strikes, describing them as “regular modifications” after Evergrande terminated its plan to record Hengda in late 2020. He mentioned they’d don’t have any influence on the businesses’ administration and shareholding construction.

Mr. Hui, a rags-to-riches tycoon who’s now one in all China’s richest males, remains to be chairman of the general group, which owns 63% of Hengda.

https://www.wsj.com/articles/china-evergrande-boss-steps-down-as-chairman-of-its-flagship-property-business-11629194394?mod=rss_markets_main | China Evergrande Boss Steps Down as Chairman of Its Flagship Property Enterprise

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