HONG KONG: Glorious Property Holdings Ltd said its chief executive officer (CEO) and chief financial officer (CFO) resigned less than one month after shareholders rejected an offer by Chinese billionaire Zhang Zhirong to take the developer private.

Liu Ning has quit as CEO and executive director, effective yesterday, and Jiang Yongjin resigned as CFO and vice-president, effective Feb 15, the company said in a filing with the Hong Kong stock exchange yesterday. Both have no disagreements with the board, the company said.

Zhang, who owns 68.4% of Glorious Property, offered as much as HK$4.57 billion (RM1.96 billion) for the developer, according to a November filing. The offer lapsed after it was rejected by shareholders in a meeting on Jan 17. Zhang can’t make another bid for 12 months, except with regulatory consent, according to a company statement on that day.

Contracted sales by the developer, which has residential, office and retail projects in 12 Chinese cities, slumped 33% last year amid property curbs aimed at cooling China’s housing market.

Glorious Property dropped 4.1% to HK$1.16 in Hong Kong trading as of 2.59pm local time. — Bloomberg


This article first appeared in The Edge Financial Daily, on February 6, 2014.

 

SHARE
SPONSORED CONTENT
Eco Business Park 7 poised to bring the world to NS and the best of Malaysia to the world

More than another address for factories and warehouses, EBP 7 is a purpose-built ecosystem designed to serve the next wave of manufacturing, logistics, digital, and high-tech ventures—from biotechnology, pharmaceutical, and halal-certified industries, to advanced electronics, and aerospace.

read more