Lu Keng, the president of Shanghai Industrial Development (also known as Shangshi), has simultaneously resigned from his post for "personal reasons" and been appointed chief executive of Qingdao Haier Real Estate, Economic Observer reported (in Chinese). Observers have speculated that Haier, the Qingdao-based home appliance maker, plans to invest US$2.7-4 billion in the city's property market through Haier Real Estate. The rumors appear to be supported by the recruitment of Lu, an experienced real estate industry leader who was voted "person of the year" in China's real estate sector in 2001.
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