A key leadership reshuffle has taken place at Financial Street Holdings, with the mid-career generation stepping onto the center stage!

Since the start of this year, state-owned real estate enterprises in Beijing have undergone intensive adjustments, with leading players including Beijing Shouchuang Group and Beijing Shoukai Co., Ltd. successively making personnel changes in key management positions. Recently, Financial Street Holdings has also finalized its new corporate management team.

Source: Internet

After the voting at the first meeting of the 11th board of directors of Financial Street Holdings, Yang Yang was re-elected as chairman, and Jiang Xin was promoted to general manager. Jiang Xin also serves as a director and general manager of Beijing Financial Street Asset Management Co., Ltd., and is the direct person in charge of the company's held property operation, asset revitalization, and CMBS/asset securitization businesses.

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Yang Yang's re-election, to a certain extent, reflects the recognition of the superior management department for his operation performance in the past three years. Since taking over the position in 2023, Yang Yang has led Financial Street Holdings to prioritize cash flow safety, reduction of interest-bearing liabilities, and steady loss reduction, without making expansion-oriented decisions, making him a prudent and stable manager.

Performance is the best proof. According to the announcement released by Financial Street Holdings on October 29, in the first three quarters of 2026, the company's asset-liability ratio dropped from 81.5% at the beginning of the year to 78.07%, the net profit attributable to shareholders saw a significant year-on-year loss reduction, operating cash flow increased by 32.55% year on year and remained positive continuously.

Source: Company Announcement

Yang Yang is a "veteran of Financial Street" who has grown step by step from the front line of engineering. He was born in March 1968, holds an EMBA from the Hong Kong University of Science and Technology, and is a senior engineer. In the early stage of his career, he worked in the Financial Street Construction Headquarters and Coordination Center, and successively served as the Engineering Department Manager, Assistant to General Manager, and Deputy General Manager of Financial Street Holdings. He has distinct characteristics of engineering practitioners, and after long-term coordination with the Xicheng District Government and settled financial institutions, he has also accumulated profound experience in government coordination and business district resources.

The newly appointed General Manager Jiang Xin also started his career in the engineering system. Born in 1978, he is a senior engineer and a Class 1 Registered Constructor. He has long served as General Manager and Party Branch Secretary at the platform of Financial Street (Tianjin) Real Estate Co., Ltd. Tianjin is a key out-of-town region where Financial Street has made heavy investments, undertaking the tasks of residential property destocking, payment collection, and operation of held commercial assets. He has a full grasp of the entire project cycle: land acquisition, engineering construction, delivery, sales, and stock asset operation, which is the most core stepping stone before he took the new position as general manager.

Jiang Xin is a typical operating cadre who grew up from the front line of projects, and was promoted to a higher position due to his outstanding performance on the urban company platform. His resume is highly concentrated in the two major sectors of "out-of-town development operation + stock asset management revitalization", which exactly matches the two core business priorities of Financial Street at the current stage.

In the first half of this year, Jiang Xin had already been promoted to Deputy General Manager of the company, working with Sheng Huaping, who was the General Manager at that time. Sheng Huaping is a veteran operating cadre in the Financial Street system. He has successively engaged in regional development and asset management business in Shanghai and Chongqing, and is one of the core persons in charge of the company's commercial real estate and held property operations. He was appointed as General Manager in July 2024. After this adjustment, Sheng Huaping will transfer to the position of Vice Chairman of the company and no longer concurrently serve as General Manager.

As a result, Financial Street Holdings has formed the core of the new team characterized by "veteran leader steering the ship, middle-generation management executing operations": Yang Yang is familiar with state-owned assets in Xicheng District, government coordination, as well as top-level risk and debt management rhythm; Jiang Xin has long been on the front line of regional and asset management, responsible for implementing the goals of "deleveraging, ensuring cash flow, and revitalizing stock assets" at the project level.

Source: Company Official

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The four deputy general managers of the new management team also have new adjustments, the four deputy general managers are: Zhang Xiaopeng, Li Liang, Yan Zhi, Chen Quan.

The first three remain unchanged compared with the previous term. Chen Quan once served as Assistant to the General Manager of the company, Executive Director and General Manager of Financial Street Chengdu Real Estate Co., Ltd., General Manager and Party General Branch Secretary of Financial Street (Beijing) Real Estate Co., Ltd. This time he was promoted to Deputy General Manager, and concurrently serves as General Manager of the Urban Renewal Management Department, in charge of the urban renewal business sector.

Zhang Xiaopeng, Deputy General Manager of the company, concurrently serves as the Company Secretary and Chairman of the Trade Union. He is also responsible for the Hong Kong platform company of Financial Street Holdings, as well as overseas financing and cross-border business coordination, and is the core executor of the company's capital operation and information disclosure.

Li Liang currently serves as Deputy General Manager of the company. He once held positions including General Manager of the Development Business Management Department of the company, Executive Director and Deputy Party General Branch Secretary of Financial Street (Beijing) Real Estate Co., Ltd., and Executive Director of Financial Street Wuhan Real Estate Co., Ltd. According to the division of responsibilities, Li Liang will be in charge of the development business.

Yan Zhi currently serves as Deputy General Manager of the company. He is also the Executive Director and Party Branch Secretary of Financial Street Guangzhou Real Estate Co., Ltd., Chairman of Financial Street Huizhou Real Estate Co., Ltd., Director of Shenzhen Rongqi Investment Development Co., Ltd., and Director of Huizhou Rongtuo Real Estate Co., Ltd. He is the main person in charge of Financial Street's business in the South China region.

The four deputy general managers are respectively in charge of business sectors including capital market, development, and urban renewal, covering all main businesses, and the personnel arrangement is closely aligned with the company's strategy.

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The performance peak of Financial Street Holdings appeared in 2019 and 2020. In 2019, the company achieved a net profit attributable to shareholders of 3.442 billion yuan. In 2020, the company's sales volume continued to rise by 26% to 40.2 billion yuan, of which the residential development business achieved a signed sales value of 33.91 billion yuan, reaching its peak scale.

However, afterwards, with the change of the general trend of the real estate industry, the performance of Financial Street Holdings continued to decline, with a loss of 11.084 billion yuan in 2024 alone. The signed sales volume in the first three quarters of 2026 was only 3.85 billion yuan, less than 20% of its peak value.

Over the years, Financial Street Holdings has gradually cleared out and withdrawn from remote third- and fourth-tier cities such as Huizhou, Nanchang, and Foshan, focusing on key cities including Beijing, Tianjin, Shanghai, and Chongqing, following a four-wheel-driven development path of "real estate development + asset operation + urban renewal + cultural tourism". Among them, stock assets have become a crucial part.

However, after losing the incremental development business, non-head real estate enterprises like Financial Street Holdings have less and less market imagination. Not long ago, Harmony Health Insurance Co., Ltd., the second largest shareholder of the company, once again significantly reduced its shareholding through centralized bidding transactions.

Since November 2025, Harmony Health has reduced its holdings of Financial Street for 6 times, with a total reduction of about 154 million shares, and its shareholding ratio has dropped from 15.88% at the peak to 10.75%.

Source: Xueqiu

The adjustment of Financial Street Holdings is a microcosm of Beijing's state-owned real estate enterprises in the in-depth adjustment period of the industry.

In recent years, some long-established state-owned real estate enterprises in Beijing that once dominated the market are under great pressure, such as Shoukai, Shouchuang, Financial Street Holdings, and Tianheng, all relying on stock assets to sustain their operations. However, a few enterprises are particularly impressive, such as Future Science City and Beijing Urban Construction Group, whose practices may provide reference for others.

But major turning points for enterprises usually start when the right people are appointed to the right positions and the right opportunity arrives. After this adjustment, can Financial Street Holdings return to the forefront of the industry?

This article is from the WeChat Official Account "Future Habitat", the author is Xiao Wu Jian Da Wu, published with authorization from 36Kr.