China Property Giant Longfor Group Billionaire Co-Founder & Chairwoman Wu Yajun Steps Down for Age & Health Reasons, Wu Family Office Owns 40% & CEO Chen Xuping Appointed as Chairman
3rd November 2022 | Hong Kong
China property giant Longfor Group billionaire Co-founder & Chairwoman Wu Yajun (Age 58) has stepped down (28/10/22) for age & health reasons, with Wu Yajun family office (Wu Capital) owing 40% of Longfor Group and CEO Chen Xuping appointed as Chairman. Wu Yajun will take on the role as strategic development consultant fo Longfor Group. In 2022 March, Wu Yajun was named the top self-made woman billionaire in China with $17 billion personal fortune. Longfor Group (Chongqing Zhongjianke Real Estate) was founded in 1995 by Wu Yajun and her ex-husband Cai Kui (Divorce 2012). Longfor Group is one of the largest property group in China and is listed on Hong Kong Exchange with market capitalisation of around $9.4 billion (3/11/22). Longfor Group: “The Board would like to express its sincere gratitude to Madam Wu for her valuable efforts and contributions to the Company during her tenure of service. Madam Wu will be appointed as the strategic development consultant of the Group with immediate effect and will continue to provide guidance to the Group in terms of strategic development and operation excellence. Madam Wu has confirmed that she has no disagreement with the Board and there is no other matter in relation to her resignation that needs to be brought to the attention of the shareholders of the Company or the Stock Exchange.”
“ China Property Giant Longfor Group Billionaire Co-Founder & Chairwoman Wu Yajun Steps Down for Age & Health Reasons, Wu Family Office Owns 40% & CEO Chen Xuping Appointed as Chairman “
Longfor Group
Longfor Group (Chongqing Zhongjianke Real Estate) was founded in 1995 by Wu Yajun and her ex-husband Cai Kui (Divorce 2012). Longfor Group is one of the largest property group in China and is listed on Hong Kong Exchange with market capitalisation of around $9.4 billion (3/11/22).
The Board hereby announces that with effect from 28 October 2022:
- Madam Wu Yajun has resigned as an executive director, the Chairperson of the Board, the chairperson of the Nomination Committee, a member of the Remuneration Committee, the Environmental, Social and Governance Committee and the Investment Committee of the Company and an authorised representative of the Company pursuant to Rule 3.05 of the Listing Rules, and has been appointed as the strategic development consultant of the Company;
- Mr. Chen Xuping, an executive director and the Chief Executive Officer of the Company, has been appointed as the Chairperson of the Board, a member of the Environmental, Social and Governance Committee of the Company and an authorised representative of the Company pursuant to Rule 3.05 of the Listing Rules;
- Madam Shen Ying has been appointed as an executive director and a member of the Remuneration Committee of the Company;
- Mr. Xia Yunpeng has been appointed as a non-executive director and a member of the Remuneration Committee, the Nomination Committee and the Investment Committee of the Company
- Mr. Shao Mingxiao has been re-designated from an executive director of the Company to a non-executive director and has resigned as a member of the Investment Committee; and
- Mr. Xiang Bing has been appointed as the chairperson of the Nomination Committee of the Company.
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