Wu Yajun , the billionaire co-founder of Chinese developer Longfor Group Holdings, has recently stepped down as chair of the firm amid a property dilemma that is showing no end in sight.

Apollo News noted that Wu was once the wealthiest woman in China and now lives in the U.S. with her twin sons. Her daughter has 43.98% shares of Longfor.

Bloomberg Billionaires Index shows that Wu has a current net worth of $5.7 billion.

According to a filing to the Hong Kong Stock Exchange on October 28, due to age and health reasons, the self-made tycoon has handed the reins over to current CEO Chen Xuping who is a company veteran since 2008.

Another separate filing said that the company’s role changes reflect its corporate governance strategy and aims to nurture senior managers through “culture and mechanism.” 

After resigning, Wu will continue to advise the company on its strategic development.

The company’s filing said that Chen joined Longfor in 2008 after graduating from Tsinghua University with a master’s degree in civil engineering.

Chen started as a construction manager before moving through the ranks, including project manager, regional general manager, and general manager of the property development segment. In early March, Chen 陈 became the CEO of the company.

In addition, Shen Ying was appointed as executive director. She has over 21 years of experience in human resources management. Before becoming general manager of the Human Resources Department at Longfor in October 2016, Shen worked for different major firms such as Hewlett-Packard and General Electric.

Meanwhile, Xia Yunpeng, with more than 20 years working in legal affairs and corporate management, will become nonexecutive director. From September 2007 to October 2013, Xia was the general manager of the legal and internal audit department at Longfor.
The last adjustment was the re-designation of the director. Shao Mingxiao will serve as nonexecutive director instead of executive director. Moreover, Shao will resign as a member of the Investment Committee and continue to serve as the vice chair of the company.

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