Evergrande Appoints Subsidiary President as Executive Director | Photo credits: Xing Yun / Costfoto/Sipa USA/SIPA
Jan 23 (Reuters) – China Evergrande Group, struggling financially, said on Sunday it had appointed the chairman of its subsidiary New Energy Vehicle Group as chief executive of the Chinese real estate giant.
Siu Shawn, 50, has signed a three-year contract for his new assignments, China Evergrande said in a stock market notice.
According to this notice, Lai Lixin and Huang Xiangui have both resigned from their mandates as executive directors of Evergrande, the first to devote more time to his other missions within the group and the second for health reasons. Lai Lixin and Huang Xiangui are not leaving China Evergrande, however.
The real estate group is crumbling under a global debt estimated at more than 300 billion dollars (264.4 billion euros), including nearly 20 billion dollars of international bonds considered in default of payment. (Indranil Sarkar report in Bangalore; French version Claude Chendjou)