HONG KONG, March 28, 2025 (GLOBE NEWSWIRE) -- On March 27, Greentown China (03900.HK) announced the adjustment of its board of directors. Zhang Yadong resigned as Executive Director and Chairman due to work arrangements, while Zhou Changjiang stepped down as Executive Director and member of the Remuneration & Nomination Committee. Liu Chengyun, who is currently member of the Party Standing Committee and Vice President of China Communications Construction Company (CCCC), was appointed as the new Board Chairman and Non-Executive Director.
This board reshuffle will further strengthen the influence of the major shareholder CCCC on Greentown China. CCCC stated that it will always back Greentown China in adhering to the market-oriented operating mechanism, leveraging the core competitive advantage of the dual-drive model of "central SOE credit + market-oriented mechanism" to help Greentown China further enhance its market position and governance capabilities.
Currently, the situation of China's real estate industry remains uncertain. In the face of sharply reduced sales proceeds, real estate enterprises are struggling to service debts through operating income alone. Meanwhile, constrained access to financing has hindered rolling over debt, further exacerbating repayment pressures and leading to frequent defaults across the industry. As a result, homebuyers, capital markets, and financial institutions are increasingly focused on the creditworthiness of real estate companies.
In this context, on the one hand, the shareholder background of Greentown China has enhanced homebuyers' confidence and provided more sufficient guarantees in aspects such as housing quality and delivery time. On the other hand, Leveraging CCCC's central SOE background, Greentown China has achieved significant improvements in credit enhancement, financing capacity, and cost reduction.
Industry insiders note that domestic financial institutions attach great importance to the credit profiles of SOE shareholders, sometimes even prioritizing them over borrowers' own operational and financial metrics. As a result, CCCC has granted Greentown China significant advantages in both financing accessibility and cost efficiency.
Against the backdrop of a deeply adjusted real estate market and widespread retrenchment among peers, Greentown China has expanded aggressively over the past two years, supported by ample cash flow and financing channels. In 2024, the company achieved total contracted sales area of 14.09 million m² and total contracted sales of CNY 276.8 billion. According to rankings by CRIC, China Index Academy, and E-House China, Greentown China ranked 3rd in total annual contracted sales and entered the top10 across all major sales metrics.
Greentown China Holdings Limited (Stock Code: 03900.HK), founded in 1995 and headquartered in Hangzhou, is a leading developer of premium real estate and integrated lifestyle service provider in China. Listed on the Hong Kong Stock Exchange since 2006, the company operates across property development, agency management, urban renewal, and healthcare sectors.
For more information, visit http://www.greentownchina.com/en/global/home.php
邮箱：zhaokai@ccccltd.com 名字：Zhao Kai
source: CCCC
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