By Jiahui Huang
Chinese property developer Greentown China reshuffled its board and named an executive at a state-owned company as its board chairman.
The company said Zhang Yadong resigned as chairman and executive director due to work arrangements, while Liu Chengyun was appointed as the new board chairman and a nonexecutive director, according to a Thursday filing.
Liu is a member of the party standing committee at state-owned China Communications Construction Co. and a vice president at that company.
The personnel change increases the influence of shareholder China Communications Construction on Greentown China's board. The developer said it has leveraged CCCC's state-owned enterprise background to achieve improvements in credit enhancement, financing capacity and cost reductions.
China's property sector has been mired in a yearslong downturn, weighing on the overall economy's health. Although there have been some green shoots in property sales data in recent months, the sector isn't out of the woods yet.
Greentown China in February issued guidance for 2024 profit to fall by less than 50% from 3.12 billion yuan in 2023, citing the overall real-estate market downturn and its efforts to reduct long-term inventory.
Write to Jiahui Huang at jiahui.huang@wsj.com
(END) Dow Jones Newswires
March 28, 2025 03:21 ET (07:21 GMT)
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