Beijing-based property developer Cinda Real Estate has announced that Ding Xiaojie has been unanimously appointed as the new chairman of its board of directors, replacing Jia Honghao. The transition to the new leadership for the Shanghai-listed builder took place on Friday, September 22nd, and was announced to the stock exchange the same day.
Cinda Real Estate, which is a subsidiary of Hong Kong-listed China Cinda Asset Management, explained in its statement to the stock exchange that Jia, who is currently 61 years old, was stepping down because he has passed the mandatory retirement age.
Long-Term Cinda Executive Takes the Reins
Ding, who is currently 55 years old, graduated from the Liaoning Institute of Finance and Economics in 1982, and has served as a general manager at Cinda Real Estate since late 2014. The long-time party executive has also served as the director of China Cinda Asset Management’s Shanghai office, as well as other positions within the Cinda Group in Changsha, Urumqi and Tianjin.
In the statement, Cinda Real Estate’s board thanked Jia Honghao for his “diligent service and important contribution to the company’s development.”
The state-owned developer has been quiet in 2017, but in 2016 established itself as one of the country’s “land kings” through some high profile site acquisitions, including paying RMB 5.8 billion (then $870 million) for a plot in Shanghai’s Baoshan district.