Jin Zhigang, chief executive at troubled mainland property developer Kaisa Group Holdings, has quit his post, following the exit of four other senior executives in the company in December.
Once the darling of fund managers and bond holders for its prime assets and relatively low gearing, Shenzhen-based Kaisa has been at the centre of wide speculation that its founder and controlling shareholder, Kwok Ying-shing, is a target in the mainland’s anti-corruption investigations. The company has denied these allegations.
In a filing with the Hong Kong stock exchange on Monday, Kaisa said Jin tendered his resignation “with effect from 1 February 2015 due to his wishes to devote more time to his personal career development”.
Jin, however, will remain an executive director of the company.
The exodus of senior management started on December 10, when Kwok announced his resignation as Kaisa’s chairman effective December 31, after it was confirmed that the Shenzhen government barred the sale of the company’s four prime estates in the city.
Shenzhen-based Kaisa has been at the centre of wide speculation that its founder and controlling shareholder, Kwok Ying-shing, is a target in the mainland’s anti-corruption investigations
On December 28, the company announced that Tam Lai-ling and Cheung Hung-kwong resigned as vice-chairman and chief financial officer, respectively.