Chinese billionaire Wu Yajun stepped down as chairman of the country’s 10th largest developer, as the country’s property crisis deepens and the government tightens control over the private sector, reports Bloomberg.
Longfor Group Holdings said Wu’s resignation reflects its strategy to institutionalize operations, and that Wu’s family office is “firmly optimistic” about the real estate industry, according to a statement to the Hong Kong stock exchange. Longfor has no debt due for the rest of the year.
Wu follows in the footsteps of other billionaires including Soho China’s Pan Shiyi and Pan Zhang Xin, after a yearslong government tightening on private companies ranging from tech to property. Concerns have been brewing about the developer that has the highest credit rating in China at BBB.