20 September 2019

Agile Property optimistic about top-level revamp

Agile Property Holdings Ltd. (03383.HK) chairman Chen Zhuolin said Friday that a top-level reshuffle in the family-run business will be a success.

From Friday, Chen’s wife and three brothers will step down as executive directors. They will be replaced by senior executives who are not family members. Chen and a brother will keep their positions on the board.

The time is ripe to groom successors and the process will be good for the company, Chen said during a post-results briefing.

Agile will further explore development opportunities in Malaysia after it partnered with a local developer to build a property project in Kuala Lumpur. This is the first overseas investment for the company.

The property giant will have 18 new projects and 60 ongoing developments in the mainland this year. It expects pre-sales revenue of 48 billion yuan (US$17.73 billion), up 19 percent from the previous year.

The government’s tightening measures on the property market have become routine but there is still substantial growth potential due to its urbanization policy and continuing growth of the economy, he said.

– Contact HKEJ at [email protected]