Greentown China changes its leadership. Zhang Yadong leaves, and Liu Chengyun takes over.

On March 27, Greentown China (03900.HK) issued an announcement stating that Zhang Yadong resigned as an executive director and the chairman of the board due to work arrangements, and Zhou Changjiang resigned as an executive director and a member of the Remuneration Committee and the Nomination Committee for the same reason. Liu Chengyun succeeded Zhang Yadong as the chairman of the board of Greentown China.

This leadership change also means that Greentown has entered an era of strong control by CCCC.

Public information shows that Liu Chengyun, 56 years old, has held various positions since October 1991, including deputy manager of the Soft Foundation Company of CCCC Fourth Harbor Engineering Institute, manager of the New Technology Engineering Company, executive deputy manager of the Geotechnical Company, deputy head of the Business Department, manager of the Market Development Department, deputy general manager of CCCC Fourth Harbor Engineering Co., Ltd., and deputy general manager of CCCC Investment Co., Ltd. Since July 2013, he has served as the general manager, interim Party secretary, and chairman of CCCC (Nansha) Investment and Development Co., Ltd., chairman, general manager, and Party secretary of CCCC Urban Investment and Holdings Co., Ltd., chairman of CCCC Foshan Investment and Development Co., Ltd., and general manager and Party working committee secretary of the South China Regional Headquarters of CCCC.

After January 2018, Liu Chengyun started working at the headquarters of CCCC Group. He has successively served as the general manager of the Strategic Development Department of CCCC, the general manager of the Strategic Development Department of CCCC Group, the general manager of the Strategy and Operations Management Department of CCCC, and the general manager of the Investment Business Division. In December 2020, he was appointed as the director of the Board Office (Strategic Development Department, Reform Office, and Dispatched Directors Office) of CCCC Group and CCCC, and the general manager of the Investment Management Department. In February 2021, he served as the assistant general manager of CCCC Group, and the Party secretary, chairman, and general manager of Shanghai Zhenhua Heavy Industry (Group) Co., Ltd. In August 2022, he was appointed as a member of the Party Committee and assistant general manager of CCCC Group, and the Party secretary and chairman of Shanghai Zhenhua Heavy Industry (Group) Co., Ltd. Since June 2023, he has been a member of the Standing Committee of the Party Committee and deputy general manager of CCCC Group.

Liu Chengyun, Image source: Company's official website

Judging from his resume, Liu Chengyun has held multiple important positions in the CCCC system and is an "old CCCC person".

Zhang Yadong joined Greentown China in May 2018. On August 1, 2018, he was appointed as an executive director and the chief executive officer, and one year later, he became the chairman of the board.

In 2015, after CCCC Group acquired a 28.422% stake in Greentown and became the largest shareholder, Greentown went through a nearly three - year period when Song Weiping and Liu Wen served as co - chairmen. Then, the leadership baton was passed to Zhang Yadong, who was regarded as the designated leader by CCCC Group.

Before joining Greentown, Zhang Yadong had not worked at CCCC Group for a long time. Before 2016, he had been working in government departments in Liaoning Province and Dalian City.

Zhang Yadong, Image source: Company's official WeChat account

In 2018 when Zhang Yadong entered the board of Greentown, Greentown China ranked 17th in the industry with sales of 156.4 billion yuan. In 2024, Greentown China ranked 6th in the industry with full - caliber sales of 171.8 billion yuan.

From 2018 to 2024, Greentown actively acquired land in key cities such as Beijing and Shanghai.

In 2024, Greentown China's annual land acquisition amount reached 52.9 billion yuan, second only to China Overseas Land & Investment, Poly Development, and China Resources Land.

In the first quarter of this year, Greentown continued to expand in the land market. On March 21, it acquired a residential land in Suzhou Industrial Park at a premium rate of 45.3% and a total price of 5.324 billion yuan, breaking the land price record in the West Lake area. On the same day, it also jointly acquired a plot of land in Xiamen with other enterprises at a total price of 1.376 billion yuan. On February 28, it acquired a plot of land in the Century South City in Hangzhou at a total price of about 2.32 billion yuan...

Since the beginning of this year, Greentown China's newly added inventory value has exceeded 30 billion yuan.

Judging from Greentown China's core operating data, Zhang Yadong has well completed the development tasks in the past few years after taking over from the old Greentown people.

According to the data in the previous announcement issued by Greentown China, in 2024, Greentown China's contracted sales area was approximately 5.91 million square meters, and the contracted sales amount was approximately 171.8 billion yuan. The expected profit attributable to shareholders decreased by less than 50% compared with 3.118 billion yuan in 2023, mainly due to the overall decline of the real estate market and the company's active efforts to increase the disposal of long - term inventory and accelerate the adjustment of inventory structure, which led to an increase in the asset impairment losses recognized in 2024. Excluding this factor, the expected profit attributable to shareholders increased year - on - year.

It is worth mentioning that since the beginning of this year, many leading enterprises including China Resources Land, China Jinmao, Greentown China, and Vanke have carried out leadership changes, which signals the start of a new era.