HONG KONG : Chinese developer Country Garden Holdings Co Ltd said its chairman Yeung Kwok Keung had tendered his resignation, citing age as a factor, and would step down on March 1.'Yeung will continue to participate in the corporate operations of the group as a special adviser after his resignation,' Chi
HONG KONG : Chinese developer Country Garden Holdings Co Ltd said its chairman Yeung Kwok Keung had tendered his resignation, citing age as a factor, and would step down on March 1.
"Yeung will continue to participate in the corporate operations of the group as a special adviser after his resignation," China's largest developer by sales said in a filing to the Hong Kong bourse on Wednesday, adding Yeung had no disagreement with the board. Yeung will also resign as executive director.Reuters was not able to immediately reach Country Garden and Yeung for comment.
Guangdong-based Country Garden made repayment of an offshore debt in January but a closer look reveals just how much developers may still struggle to access capital, according to developers and analysts. China's property sector has been grappling with a severe liquidity crisis last year - initially triggered by government moves to rein in ballooning debt - with many developers defaulting on or delaying debt payments and falls in sales.
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