** Shares of Greentown China Holdings 3900.HK drop 9.9% to HK$10.88
** Stock on track for the biggest one-day pct decline since October 8, 2024
** Stock hits the lowest since February 26; top pct loser on index tracking properties and construction stocks .HSCIPC, which gains 0.04%
** The Chinese property developer says Zhang Yadong has resigned as chairman due to "work arrangement", Zhou Changjiang has resigned as an executive director with effect from March 26
** Co appoints Liu Chengyun as non-executive director and chairman with effect from March 26
** "We believe investors would see the recent change of chairman as a short-term uncertainty, for example, around any change in strategy and targets, or further management change," says Citi
** Adds, Greentown may take more time to re-establish a track record
** Stock up 19.4% YTD
(Reporting by Donny Kwok)
((donny.kwok@thomsonreuters.com))
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