Newsmaker

Ren Zhiqiang to retire

By Yu Hongyan (chinadaily.com.cn)
Updated: 2011-04-02 16:51

Ren Zhiqian attends a forum on China's property market in Wuhan, Hubei province, Sept 18, 2010. [Photo / Asianewsphoto]

Property tycoon Ren Zhiqiang will resign as chairman of Huayuan Group, the Beijing Times reported Saturday, citing Ren's microblog.

Ren, well-known for his bold remarks on China's property market, is chairman of Huayuan Group and its listed arm, Huayuan Property Co Ltd.

Though Ren will retire from his position at Huayuan Group, he will remain chairman of Huayuan Property. However, his tenure at the latter is due to end on Oct 8 this year, according to the paper. Ren did not disclose whether he will retire from this position at that time.

Huayuan Property's net profits grew by 16.47 percent year-on-year to 401.06 million yuan in 2010. Its operating revenue jumped by 53.38 percent year-on-year to 1.78 billion yuan, according to its annual report.