HK Construction chief steps down

Hong Kong Construction (Holdings), formerly Kumagai Gumi (Hong Kong), said Yu Ching-po had retired as chairman with effect from yesterday.

Zhu Xiaohua, deputy chairman and chairman of China Everbright Holdings (CEH), has taken over as chairman.

Mr Yu, 79, stepped down as managing director in late 1997 after selling most of his stake in the company.

A company spokesman said the reshuffle reflected CEH's position as the largest single shareholder of Hong Kong Construction, with a 35 per cent stake.

She said Mr Yu would continue working at Hong Kong Construction as he had been appointed honorary chairman and remained a director.

The company appointed Li Xueming as deputy chairman. Mr Li is an executive director of CEH.