Realty firm Country Garden promotes China’s richest woman to co-chair

Signs reading "Sold Out" are displayed on model towers of the Forest City development at the Country Garden Holdings Co. property showroom in Iskandar Malaysia zone of Johor Bahru, Johor, Malaysia, on Tuesday, Nov. 02, 2016. Photographer: Ore Huiying/Bloomberg

Country Garden Holdings Co. elevated Yang Huiyan, China’s richest woman, to co-chair alongside her father, potentially giving her even more power over the nation’s largest residential developer.

Yang, 37, was Country Garden’s vice chairman. Now, she’ll assist her 64-year-old dad and founding chairman Yeung Kwok Keung in the day-to-day running of the business, helping to oversee strategic investments and new areas including retail, Country Garden said in a Hong Kong exchange filing Friday. Her re-designation will take effect immediately.

Yang is China’s richest woman by virtue of her 57 percent stake in Country Garden, according to the Bloomberg Billionaires Index. She grew up with the company, attending company meetings since she was a teenager and starting as a procurement manager in 2005 after graduating from Ohio State University. Yang stepped into a core management role as vice chairman in March 2012, exchange filings show.

The billionaire inherited her father’s controlling stake in 2005. Additional stakes were acquired from the firm’s three other co-founders in 2006. She became China’s richest woman at age 25, after Country Garden raised $1.65 billion in a Hong Kong initial public offering in April 2007. Her younger sister, Ziying, is an executive director.

Most recently, Yang has been overseeing some of the developer’s new business, chairing its Hong Kong-listed property management unit, and its U.S. listed education arm. Earlier this year, Country Garden announced an 80 billion yuan ($11.6 billion) investment into robotics.

Friday’s appointment doesn’t alter Yang’s father’s status as the responsible person providing leadership to and overseeing the operation of the board, Country Garden said in its statement.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.