Shenzhen-based Kaisa Group Holdings Ltd. (01638.HK) named a young new chief executive in a management shuffle as its recently returned chairman appeared to consolidate his hold on the property developer, the Wall Street Journal reported.
Zheng Yi, 34, has been appointed CEO to succeed Jin Zhigang, who resigned on Feb. 1.
The company said Jin also resigned as an executive director to focus on other businesses.
Ye Lieli, vice chairman and executive director, stepped down to devote more time to other business commitments, Kaisa said.
Zheng has been the president of Kaisa Zhiye Development (Shenzhen), a subsidiary in charge of projects in the southern Chinese city, since January 2014, the newspaper said.
He received a bachelor’s degree in law from Zhongnan University of Economics and Law in 2003, it said.
Late last year, the Shenzhen government blocked sales of Kaisa properties in the city without explaining why.
In December, the developer said chairman Kwok Ying Shing had resigned due to “health reasons”.
Kaisa, which hasn’t yet released its 2014 earnings, subsequently defaulted on its offshore debt and became an acquisition target for other property companies.
In April, Kwok suddenly returned to the helm of the company.
Tianjin-based Sunac China Holdings Ltd. (01918.HK) had launched a bid to acquire Kaisa, but abandoned it after Kwok’s return.
Kaisa’s troubles have eased after the Shenzhen government partially lifted the block on its properties in April and the company secured additional loans from Sino Life Insurance Co., the report said.
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