china property

China Overseas Land chief executive Yan to take on chairman’s mantle

Yan to replace stopgap chairman Xiao Xiao

PUBLISHED : Monday, 08 May, 2017, 9:45pm
UPDATED : Monday, 08 May, 2017, 9:45pm

China Overseas Land and Investment, one of China’s top five developers said on Monday that its chief executive Yan Jianguo has been elected chairman.

In a statement to the Hong Kong stock exchange, the company said Yan will take the mantle from Xiao Xiao, who was named chairman and chief executive in December after the sudden departure of Hao Jianmin in November 2016.

Since Xiao had already reached China Overseas Land’s official retirement age of 60, his appointment was seen a temporary measure till Yan took over as chief executive on January 1. Yan’s appointment as chairman will be effective from June 13.

China Overseas Land appoints new CEO after abrupt departure of Hao Jianmin rattled investors

Prior to rejoining China Overseas Land as chief executive, Yan was executive director and senior vice president at rival developer Longfor Properties. He spent much of his career with China Overseas Land’s parent company China State Construction Engineering Corporation, including two separate stints with China Overseas Land in the early 1990s and also between 2011 and 2014.

In March last year, China Overseas Land inked a deal with Chinese conglomerate CITIC under which it would acquire the latter’s mainland Chinese residential development business for 31 billion yuan (US$449.1 million).

When Yan took over as chief executive in January, analysts said that they were concerned about the prospects for the deal, which had been driven by Hao, who had served the company for 29 years, with the last nine as chairman.