Core Viewpoint - Zhengrong Real Estate Group announced significant management changes, including the resignation of key executives, to focus on domestic operations and debt restructuring efforts [2][3] Group 1: Management Changes - Liu Weiliang resigned as Executive Director, Chairman of the Board, Chairman of the Nomination Committee, member of the Remuneration Committee, and authorized representative [2] - Li Yang resigned as Executive Director and CEO [2] - Chen Jingde was appointed as Executive Director, Chairman of the Board, Chairman of the Nomination Committee, member of the Remuneration Committee, and authorized representative [2] - Jin Mingjie was appointed as Executive Director and CEO [2] - Former Financial Director Chen Jingde stepped down, with Zeng Hongyi taking over the role [2] Group 2: Financial Situation - Zhengrong Real Estate and its subsidiaries have been listed as dishonest executors, with total unpaid debts amounting to 19.25 billion [2] - As of March 31, 2025, the company has a total outstanding principal debt of 19.25 billion [2] - The company has not paid 0.13 billion in bond interest as of April 2025 [2] Group 3: Debt Restructuring Efforts - The company is in communication with relevant institutions regarding high consumption restrictions, which have not significantly impacted daily operations or debt repayment capabilities [3] - The company’s bonds have been exempted from cross-default clauses, but unpaid debts may adversely affect bondholders' rights [3] - Liu Weiliang and Li Yang will focus on domestic business development strategies and debt restructuring after resigning from their positions [3] - Chen Jingde, familiar with overseas capital markets, will continue to represent the company in communications with overseas bondholders [3]
刘伟亮、李洋双双辞任正荣地产执董及高管