One of China’s richest women has fully taken over Country Garden, a top real estate developer, after her father resigned, which added to a string of prominent entrepreneurs retreating from their posts during a historic downturn in the property market.
Yang Huiyan succeeded her father Yang Guoqiang as chairman of the company that he founded, according to a Wednesday filing to the Hong Kong stock exchange, which said the appointment took effect the same day.
Yang, 68, also known as Yeung Kwok Keung in Cantonese, had tendered his resignation from the position of chairman “due to age,” the statement said.
The elder Yang was a farmer and construction worker before he founded Country Garden in 1992. In little more than a decade, he grew the firm into one of the largest real estate developers in the country.
The company boasted a record-setting $1.7 billion IPO in