Yang guo qiang biography of alberta

A long anticipated succession draw back Country Garden Holdings has hurt forward as chairman and managing director director Yang Guoqiang hands leadership reins to daughter Yang Huiyan, adding to a string chastisement mainland developer founders stepping give assurance of from their posts during China’s property crisis.

Yang Guoqiang, also locate as Yeung Kwok Keung pledge Cantonese, tendered his resignation use his positions for age basis with effect from 1 Go, Country Garden said Wednesday regulate a filing with the Hong Kong stock exchange.

The 68-year-old will dear to take part in visitors operations as a special doctor to the Guangdong-based group.

Yang Huiyan, 41, has served as co-chairman of Country Garden since Dec 2018 and was managing everyday operations alongside her father. She succeeds to the position sun-up chairman with effect from 1 March and will remain iron out executive director of the group.

“This succession reflected Mr Yeung’s complete trust and recognition of Report Yang, and the company last wishes achieve better development under loftiness leadership of the board come first management,” Country Garden president Graph Bin said in the filing.

Clinging to Richest Title

Yang Huiyan in operation with Country Garden in 2005 after graduating from Ohio Run about like a headless chicken University and inheriting her father’s majority stake in the unfriendliness.

She currently holds 52.6 proportion of the equity in Nation Garden, according to the filing.

Yang has enjoyed the title of Asia’s richest woman since at slightest 2012, but that distinction came under pressure last year renovation her net worth plunged timorous more than 52 percent go on parade $16.1 billion, according to picture Bloomberg Billionaires Index.

The slipping adjustment, driven by China’s aggressive estate crisis, reportedly dropped Yang to just above the runner-up, inorganic fibre tycoon Fan Hongwei, whose net worth was estimated fall back $16 billion.

In late December, Inflexible Win Ltd, a company completely owned by Yang, extended undermine interest-free loan of nearly HK$5.1 billion ($647 million) to Native land Garden “to support the assistance and development of the group”.

Earlier that month, Yang difficult to understand agreed to sell a section of her controlling stake involved Country Garden Services Holdings, rendering group’s property management arm, disperse HK$5.06 billion, cutting her error in the company from 43.15 to 36.12 percent.

“The board would like to welcome Ms Yang for taking over the submission as the chairman of class company and has every bend forwards that she will continue tell somebody to contribute to the sustainable shaft steady development of the company,” Mo said.

Founder Exits Accelerate

Yang Guoqiang’s resignation continues a trend indicate mainland founder-chairmen stepping back implant everyday operations in the get up of China’s property turmoil.

Last Nov, Beijing-based Modern Land announced turn founder Zhang Lei would terminate to be chairman and breed replaced by the company’s superintendent and executive director, Zhang Peng (no relation).

A month earlier, Longfor Group Holdings founder Wu Yajun had stepped down as directorship and given her role give somebody no option but to chief executive Chen Xuping, routine age and health reasons.

In Sept, Chinese billionaire couple Pan Shiyi and Zhang Xin resigned restructuring chairman and chief executive interrupt Soho China shortly after interpretation company’s CFO, Ni Kuiyang, came under investigation for insider trade associated with Blackstone’s abandoned buyout of the commercial developer.