HONG KONG, March 28, 2025 — Greentown China announced a board adjustment on March 27. Zhang Yadong resigned from his positions as Executive Director and Chairman due to work-related reasons, and Zhou Changjiang stepped down as Executive Director and member of the Remuneration & Nomination Committee. Liu Chengyun, currently a member of the Party Standing Committee and Vice President of China Communications Construction Company (CCCC), has been appointed as the new Board Chairman and Non-Executive Director.
This change in the board is expected to increase the influence of CCCC, the major shareholder, on Greentown China. CCCC has affirmed its commitment to supporting Greentown China in maintaining its market-oriented operational approach, leveraging its dual-drive model of “central SOE credit + market-oriented mechanism” to enhance its market position and governance capabilities.
The real estate industry in China is currently facing uncertainty. With significantly reduced sales revenue, real estate companies are finding it difficult to service their debts solely through operating income. Limited access to financing has further restricted debt rollover, increasing repayment pressures and leading to frequent defaults across the industry. Consequently, homebuyers, capital markets, and financial institutions are placing greater emphasis on the creditworthiness of real estate companies.
In this environment, Greentown China’s shareholder background has boosted homebuyers’ confidence and provided stronger guarantees regarding housing quality and on-time delivery. Furthermore, leveraging CCCC’s central SOE backing, Greentown China has seen considerable improvements in credit enhancement, financing capacity, and cost reduction.
Industry experts point out that domestic financial institutions prioritize the credit profiles of SOE shareholders, sometimes even more than the borrowers’ own operational and financial performance. As a result, CCCC’s backing gives Greentown China significant advantages in terms of financing accessibility and cost efficiency.
Amidst a deeply adjusted real estate market and widespread cutbacks among its competitors, Greentown China has expanded aggressively over the past two years, supported by strong 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 was ranked 3rd in total annual contracted sales and was among the top 10 in all major sales metrics.
Greentown China Holdings Limited (Stock Code: ), established in 1995 and headquartered in Hangzhou, is a leading developer of high-end real estate and an integrated lifestyle service provider in China. Listed on the Hong Kong Stock Exchange since 2006, the company’s operations span property development, agency management, urban renewal, and healthcare sectors.
For more information, visit http://www.greentownchina.com/en/global/home.php
CONTACT: 邮箱：zhaokai@ccccltd.com 名字：Zhao Kai
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