Evergrande names Zhao Changlong as new chairman

China Evergrande Group chairman Xu Jiayin stepped down as chairman of its flagship unit Hengda Real Estate Group, and the position would be taken over by Zhao Changlong, vice-chairman of the group's unit, according to a post on the National Enterprise Credit Information Publicity System.

The Hengda Real Estate Group's leadership reshuffle also includes its general manager and legal representative, with Zhao also taking over the two titles, said the notice published on the corporate information platform dated on Tuesday.

Zhao Changlong is currently a deputy chairman and general manager of Evergrande's property services unit.

The change of leadership was normal after it scrapped plans for a backdoor listing of the property business unit with Shenzhen Special Economic Zone Real Estate & Properties Group, the spokesperson of Evergrande Group was quoted as saying by the National Business Daily.

Amid concerns over a liquidity crunch, the listed companies of China Evergrande Group made announcements earlier in August saying that the group was in discussion with potential independent investors to sell its stakes including its electric car and property management units.