New | Greentown China chief executive resigns after serving the firm for 17 years

Greentown China Holdings chief executive Shou Bainian has resigned after 17 years at the mainland property developer.

Shou, 61, whose resignation took effect today, said he had had no disagreement with the board and that no matters related to this departure need to be brought to the attention of the shareholders, according to a filing with the Hong Kong stock exchange last night. Shou will remain an executive director.

Cao Zhounan, 46, has been named chief executive.

The announcement came less than three weeks after the developer and Sunac China agreed on a 3.4 billion yuan (HK$4.24 billion) package to resolve their dispute on existing joint ventures.

The new package involved an aggregate net cash flow of 3.4 billion yuan (HK$4.3 trillion) and will see Sunac take over four joint ventures. Greentown gains control of three of the projects. In addition, Tianjin-based Sunac will take a 39.2 per cent stake in a community project in the city, while Greentown will own 40.8 per cent and an independent third party will hold the rest.

Cao joined Greentown Real Estate in February 2009 as executive general manager.