Greentown China executive change: Guo Jiafeng resigns due to retirement, 53-year-old Geng Zhongqiang takes over as acting CEO

On March 30, Greentown China announced that multiple changes have been made to the composition of the board of directors and board committees, as well as to the core management, effective immediately, involving the resignation of several executives and the appointment of new personnel. All relevant adjustments became effective as of the same date. Among them, Guo Jiafeng resigned as the company’s executive director, a member of the Environmental, Social and Governance Committee, chief administrative officer, and all other positions within the Group due to retirement. According to information, Guo Jiafeng joined Greentown China in May 1999. During his tenure, he helped stabilize the company’s core operating fundamentals, optimized the investment layout, and laid a solid foundation for the Group’s long-term stable operations. The board of directors of the company expresses its sincere thanks for his outstanding contributions over the years. In addition, Zhou Anqiao resigned as a non-executive director as he needs to devote more time to handling other business matters and personal affairs. For the same reason, Zhu Yuchen resigned as an independent non-executive director, and he will no longer serve as a member of the Audit Committee and the Remuneration Committee, and will also not continue as the chairman of the Nomination Committee. The board of directors also extends its thanks to the two gentlemen for their valuable contributions during their term of office.

At the time of the resignations, Greentown China completed the appointment arrangements for key positions to fill management and board vacancies. For the management layer, the company’s current executive director, Geng Zhongqiang, has been appointed as acting chief administrative officer, fully responsible for the company’s daily operation and management. Upon the company’s completion of the consideration and appointment procedures for the selection of a formal chief administrative officer, the company will issue a separate announcement. As disclosed, Geng Zhongqiang is 53 years old and holds a Bachelor’s degree in Finance from Changsha University of Science and Technology and a Master’s degree in Business Administration from Dalian Maritime University. He is a senior accountant and has more than 30 years of experience in operational management. He joined Greentown China in 2019 and currently holds 3,722,972 shares of the company’s equity, representing approximately 0.147% of the total issued shares of the company. His appointment as acting chief administrative officer will not involve entering into a separate service agreement; his remuneration and term of office will be carried out under the existing agreement.

At the board level, Chen Guobang, aged 65, has been appointed as a non-executive director. He is an academician of the Institute of Civil Engineering and Structural Engineering, has been deeply involved in the property development sector for many years, and has relevant appointment experience with the Wharf (Holdings) Group. He has extensive experience in property development and construction project management both within and outside the PRC. At the age of 63, Xiong Liangjun has been appointed as an independent non-executive director, and he will also serve as a member of the company’s Audit Committee, Nomination Committee, and Remuneration Committee. He has more than 30 years of experience in financial regulation and in the commercial banking system, and he previously held core positions in regulatory institutions in multiple locations within the People’s Bank of China and the banking and insurance regulatory systems, including serving as the Chairman of the Supervisory Board of China Merchants Bank. He has solid professional foundations. The initial term of office for both the newly appointed directors, Chen Guobang and Xiong Liangjun, is three years. They are required to retire by rotation and be re-elected at the annual general meeting of shareholders in accordance with the Company’s Articles of Association and detailed rules. The annual director’s fees for both are RMB 400k each. The amounts are determined with reference to factors such as their qualifications and experience, and will be reviewed from time to time by the Remuneration Committee and the board of directors.

In addition, the composition of the Nomination Committee of Greentown China’s board of directors has been adjusted concurrently. Mr. Liu Chengyun, chairman of the board of directors and a non-executive director, has been appointed as the chairman of the Nomination Committee. After the adjustment, the Nomination Committee will be composed of six members: Liu Chengyun, Hong Lei, Jia Shenghua, Xu Yunhui, Qin Yuemin, and Xiong Liangjun. The committee’s structure has been further improved.

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