Chinese developer Country Garden Holdings Co Ltd said its chairman Yeung Kwok Keung, 68, had tendered his resignation because of his age and handed over China’s largest developer by sales to his daughter, a co-chairman of the company.
The developer’s Hong Kong-listed shares jumped over 7% in morning trading, compared to a 5% rise in the Hang Seng Mainland Properties Index
“Yeung will continue to participate in the corporate operations of the group as a special adviser after his resignation,” the firm said in a filing to the Hong Kong bourse on Wednesday, adding Yeung had no disagreement with the board.
Yeung also resigned as executive director. The changes were effective on March 1.
Country Garden said the succession reflected Yeung’s full trust in his daughter Yang Huiyan, 41, who has been co-chairman since 2018, and the company will achieve better development under the leadership of the board and management.
Yang is already the largest shareholder in the company, with 52.6% of shares.
The developer said it has no further comment when contacted by Reuters.
“The succession is not a surprise,” said Raymond Cheng, head of China research at CGS-CIMB Securities, adding Country Garden’s operations are still under the active management of President Mo Bin.
Reuters