HONG KONG: Longfor Properties Co Ltd, which was red-flagged by Moody's last month, said on Monday, Aug 15 that it has replaced its chief executive officer effective immediately.

Wu Yajun had resigned as CEO of Longfor and the post had been taken over by Shao Mingxiao, who was deputy CEO and general manager of the company's commercial properties, Longfor said without elaborating.

Shares of Longfor, which has a market capitalisation of HK$63.8 billion (RM24.43 billion), ended up 2.65% on Monday, outperforming the Hang Seng Index's 3.26% rise.

Last month, Moody's warned of accounting and governance risks at dozens of small Chinese companies, issuing red flags that sparked a selloff in their shares.

The list included property companies Longfor, Renhe Commercial Holdings Co Ltd and Evergrande Real Estate Group Ltd, which received seven red flags each in the Moody's report. — Reuters

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