China Property Billionaire Wu Resigns as Longfor Chair During Sector Crisis
- Builder says Wu’s move reflects institutionalization strategy
- Firm says has no debt due this year, operations stable
This article is for subscribers only.
Chinese developer Longfor Group Holdings Ltd. plummeted the most on record after billionaire Chairperson Wu Yajun stepped down, leaving the company without its longtime leader during a deepening nationwide property crisis.
The rout persisted even after the developer moved to shore up investor confidence, paying off some of its debt early and announcing that a controlling shareholder owned by Wu’s family had increased its stake.