HONG KONG (Reuters) – Chinese developer Country Garden Holdings Co Ltd said its chairman Yeung Kwok Keung had tendered his resignation, citing age as a factor, and would step down on March 1.
“Yeung will continue to participate in the corporate operations of the group as a special adviser after his resignation,” China’s largest developer by sales said in a filing to the Hong Kong bourse on Wednesday, adding Yeung had no disagreement with the board. Yeung will also resign as executive director.
Yang Huiyan, co-chairman of the company, would succeed Yeung as chairman, the developer said.
Reuters was not able to immediately reach Country Garden and Yeung for comment.
Guangdong-based Country Garden made repayment of an offshore debt in January but a closer look reveals just how much developers may still struggle to access capital, according to developers and analysts.
China’s property sector has been grappling with a severe liquidity crisis last year – initially triggered by government moves to rein in ballooning debt – with many developers defaulting on or delaying debt payments and falls in sales.
(Reporting by Donny Kwok and Clare Jim; Editing by Jacqueline Wong)
