Evergrande Appoints New CFO to Manage Growing Debt Pile

China’s most highly leveraged developer has a new custodian for its growing stack of financial obligations, as Evergrande Real Estate moved out its former CFO in favor of understudy Pan Darong.

Pan took on the role of chief financial officer for the developer controlled by mainland billionaire Xu Jiayin (also known by his Cantonese name Hui Ka-yan), on the same day that the board accepted the resignation of former CFO and executive director, Tse Wai Wah, according to a recent statement by the company. Pan, who joined the Evergrande in 2006, had formerly served as a vice president of with the group, where he was responsible for financial management.

Evergrande now leads China’s real estate industry in leverage, having built up debt obligations of RMB 381.3 billion ($57 billion) as of the end of June. The company, which has been borrowing to fuel an aggressive expansion and diversification plan also saw its profits drop by 23 percent in the first half of 2016 as a tripling in finance costs overwhelmed an increase in revenues.

The company indicated that Tse is stepping down from his board positions due to his appointment as an executive vice president of Evergrande’s financial services group. The real estate developer last year acquired a 50 percent stake in Chongqing-based Great Eastern Life Assurance, which it has since renamed Evergrande Life. In February, the company ventured further into the financial world by purchasing a 5.59 percent stake in China’s Shengjing Bank for HK$3.89 billion ($500 million).