The chairman of mainland developer Kaisa, Kwok Ying-shing, tendered his resignation on Wednesday night, effective from December 31.
In a filing with the stock exchange, the company said Kwok had also resigned as executive director, chairman of the nomination committee, member of the remuneration committee and authorised representative of the company due to his health reasons.
Kwok’s sudden resignation, which the company said was due to health reasons, came shortly after the Shenzhen city government stopped processing sales at some of the company’s projects in the city.
A number of Shenzhen officials have stepped down recently amid the Chinese leadership’s crackdown on corruption.
Kaisa said it had appointed Ye Lieli, the president of Shenzhen-based insurer Sino Life, as an executive director and a co-chairman with effect from Thursday.
It said last week the Kwok family trust had reduced its stake to 49 per cent after selling 11.21 per cent of the company's issued share capital for HK$1.7 billion to Sino Life, whose stake would increase to 29.96 per cent.