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How to achieve multiple goals of stable operations, improved efficiency, and risk prevention under the new governance structure will determine whether Greentown China can break through first during the industry adjustment, and it has become a key coordinate for the market to observe the direction of this leading real estate company.
China Housing Reporter Xu Qian | Beijing Report
Greentown China is undergoing a critical adjustment of its core management team.
On March 30, Greentown China announced a series of significant personnel changes. The most notable change that attracted market attention was that Guo Jiafeng resigned as executive director, member of the Environmental, Social and Governance Committee, CEO, and other positions due to retirement, with senior executive Geng Zhongqiang, who has a strong background in the China Communications Construction Company (CCCC) system, taking over as acting CEO to fully oversee daily operations and management.
This is not only an important personnel adjustment in the company's development history but also signifies that the controlling shareholder, CCCC, is further deepening its control over Greentown, moving from capital holding to full operational dominance.
On March 17, Song Hailiang, Secretary of the Party Committee and Chairman of CCCC, visited Hangzhou to conduct work research on Greentown China, stating that as the largest shareholder, CCCC will provide more development support to Greentown, strengthen communication and coordination with major shareholders, and jointly support the development of Greentown China; it aims to enhance governance and control, comprehensively promote market-oriented, international, and rule-of-law construction; and to fully prevent and control risks, strengthen process control, and establish a sound risk prevention and control system and audit supervision mechanism. This executive adjustment is a direct implementation of this idea.
Following this personnel adjustment, the decision-making and operational core of Greentown China has fully shifted to the CCCC-led system. Chairman Liu Chengyun and acting CEO Geng Zhongqiang are both senior executives from CCCC, responsible for strategic steering and operational execution, forming the company's most core management hub.
It is noteworthy that this adjustment occurs at the time of Greentown China's 2025 performance disclosure. Data shows that in 2025, Greentown China's operating revenue was 154.966 billion yuan, a year-on-year decrease of 2.26%; the profit attributable to shareholders was only 71 million yuan, a year-on-year drop of 95.55%.
The management of Greentown admitted that the significant decline in profit is primarily due to the need to reduce existing inventory and increase asset impairment provisions, compounded by the performance drag from joint ventures and partnerships. This also means that the new management team led by Geng Zhongqiang faces the daunting tasks of stabilizing operations, improving efficiency, and preventing risks.
The capital market reacted cautiously to this leadership change. The day after the announcement, Greentown China's stock price opened lower.
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Geng Zhongqiang Takes Over
Geng Zhongqiang, who has taken over the operational authority of Greentown China, is a seasoned veteran with over 30 years of experience in the real estate industry and a professional manager deeply imprinted with the CCCC system.
In contrast, the departing Guo Jiafeng is a typical veteran of Greentown, having joined the company in 2000 and long engaged in frontline business, being a core manager grown locally within Greentown, with no experience in the CCCC system. With his formal retirement, the &#34;old Greentown imprint&#34; in the management layer further fades, marking Greentown's transition from being led by the founding team and managed by professional managers to a new phase of comprehensive deep governance by the major shareholder
According to his resume, 53-year-old Geng Zhongqiang holds a bachelor's degree in finance from Changsha University of Science and Technology, a master's degree in business management from Dalian Maritime University, and is a senior accountant. He has a strong dual background in finance and comprehensive management. His long-term experience in a central enterprise real estate platform has equipped him with a strong awareness of financial risk control, resource coordination capabilities, and group operational thinking, which are precisely the management qualities that Greentown needs during the current deep adjustment period in the industry.
In 1995, Geng Zhongqiang joined China Communications Construction Group (CCCC), starting from the grassroots level. He has been deeply involved in the CCCC system for nearly 30 years, serving as the financial manager and deputy chief accountant of the Tunnel Engineering Bureau of CCCC, chief accountant, general manager, and vice chairman of China Real Estate Development Group. From 2018 to 2019, he served as the president and deputy secretary of the party committee of CCCC Real Estate, while also serving as a director of CCCC Real Estate Group, leading the integration of real estate business, financial control, and strategic layout under CCCC, forming a management style characterized by stability, pragmatism, and strict risk control.
Within the CCCC system, he participated in the restructuring, listing, and scaled development of the CCCC Real Estate sector, gaining a deep understanding of the management logic of central enterprises, investment and financing systems, risk control compliance requirements, and global resource layout.
In July 2019, Geng Zhongqiang was appointed as the executive director and executive president of Greentown China, as a core executive from the CCCC system. Over nearly seven years, he has been deeply involved in the company's strategic and operational decision-making. From business collaboration to financial standardization, from risk investigation to mechanism adjustment, he has gradually become a key link connecting CCCC Group and Greentown China, laying a solid foundation for this comprehensive takeover of operations.
During his tenure, he led the restructuring of Greentown's financial system and the diversification of financing channels. In 2023, he promoted the successful issuance of USD 500 million in bonds by the company, marking a symbolic project for Chinese real estate companies to restart USD bond financing. He was also fully involved in the preparation for Greentown Management's listing, helping to consolidate the leading position of the construction agency sector in the industry.
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Simultaneous Adjustments Intensify
If Geng Zhongqiang's appointment as acting CEO is a core change in the management layer, then the simultaneous adjustments at the board level further solidify the governance dominance of the CCCC system. This personnel adjustment involves a comprehensive optimization of several directors, which, together with changes in the management layer, constitutes a complete governance loop transitioning from capital control to full operational dominance by CCCC.
The announcement indicates that non-executive director Zhou Anqiao, independent non-executive director, member of the remuneration committee and audit committee, and chairman of the nomination committee Zhu Yuchen have resigned due to &#34;the need to handle personal affairs and other business.&#34;
Both individuals are not originally from Greentown, and their backgrounds and roles are distinctly different. Zhou Anqiao is a representative dispatched by Wharf Holdings, serving as an interest representative on the board after Wharf's strategic investment in Greentown in its early years. He has long participated in Greentown's governance as a non-executive director, witnessing the evolution of Greentown's equity cooperation and governance changes. His resignation also signifies the fading of Wharf's final imprint on Greentown's board.
Zhu Yuchen, on the other hand, is a senior figure in the financial sector, holding a Ph.D. in economics and a senior economist title. He has held core positions such as general manager of the Dalian Commodity Exchange, general manager of the China Financial Futures Exchange, and president of Shanghai Pudong Development Bank, with a solid professional background. He was appointed as an independent non-executive director of Greentown in 2020, primarily responsible for corporate governance supervision, audit review, and remuneration management, providing professional independent opinions for board decisions
At the same time, Chen Guobang was appointed as a non-executive director, and Xiong Liangjun was appointed as an independent non-executive director, also serving on the audit, nomination, and remuneration committees; Liu Chengyun was appointed as the chairman of the nomination committee. The structure of the board's professional committees has been optimized and adjusted, further consolidating the core governance authority of the China Communications Construction Company (CCCC) system over the board.
As the core light asset platform of Greentown China, Greentown Management Holdings has also completed personnel transitions. Guo Jiafeng resigned as a non-executive director, co-chairman of the board, and all positions, while Geng Zhongqiang was transferred from co-chairman to chairman of the board, achieving direct coordination over Greentown Management, the leading platform for entrusted construction, ensuring that the group and its core subsidiaries operate in sync.
This arrangement sends a clear signal: the strategic weight of the entrusted construction business is increasing within Greentown China's overall strategic landscape. Geng Zhongqiang has publicly stated multiple times that the real estate industry has entered a stage of high-quality development, and entrusted construction is a positive track that aligns with industry trends. In the future, efforts will continue to strengthen the competitive advantage of this sector and explore collaborative opportunities between Greentown and CCCC in areas such as infrastructure, urban renewal, and affordable housing.
In 2025, Greentown achieved a total contract sales amount of 251.9 billion yuan and a sales area of 12.08 million square meters. Among them, the contract sales amount for self-invested projects was 153.4 billion yuan, with a sales area of 4.66 million square meters; the contract sales amount for entrusted management projects was 98.5 billion yuan, with a sales area of 7.42 million square meters. Based on this calculation, entrusted construction accounted for nearly 40% of Greentown's total sales in the past year, almost supporting half of the business.
It is worth mentioning that Greentown has changed its long-standing scale rating method to dynamic assessment, with profit contribution occupying the majority of the evaluation indicators. Regional companies that continue to incur losses will face the risk of being revoked.
In the face of the dual challenges of deep industry adjustments and pressure on profitability, Geng Zhongqiang and his team need to find a precise balance between &#34;stability&#34; and &#34;progress.&#34; How to achieve multiple goals of stable operations, improving efficiency, and preventing risks under the new governance structure will determine whether Greentown China can break through first in the industry adjustment and will also become a key coordinate for the market to observe the direction of this leading real estate company.
Editorial Board Member on Duty: Su Zhiyong Editor: Ma Lin, Wen Hongmei

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Greentown China announced a core management adjustment on March 30, with Guo Jiafeng resigning due to retirement and Geng Zhongqiang taking over as acting CEO. This personnel change marks a further strengthening of control by the controlling shareholder, China Communications Construction Group (CCCC), over Greentown. CCCC will support Greentown's development, enhance governance control, and mitigate risks. The 2025 performance report shows that Greentown's operating revenue decreased by 2.26%, and profit attributable to shareholders plummeted by 95.55%. The market reacted cautiously to the leadership change, with the stock price opening lower

Greentown "Change of Leadership": Veteran from CCCC Takes Charge