The head of property developer China Resources Land has left the company for rival China Fortune Land Development (CFJD), sources told Caixin.
Hong Kong-listed China Resources Land confirmed the resignation of Wu Xiangdong as executive director, and said company veteran Tang Yong will take over the position.
Wu is leaving to become vice chairman of China Resources Land’s rival CFLD, sources told Caixin.
CFLD recently received a 13.8 billion yuan injection from stakeholder Ping An Insurance, one of the world’s most valuable financial services companies.
Rumors of Wu’s departure had circulated for months. He had been with China Resources Land since 2005, after joining its parent company, China Resources Holdings, in 1993. Though he had never formally been designated CEO of China Resources Land, he had been the de facto leader since 2013.
Wu isn’t the only China Resources Land executive to be poached by CFLD. In December, CFO Yu Jian resigned and soon after joined CFLD as co-president in charge of financing and fundraising activities.