(Yicai Global) Dec. 12 -- Hui Ka Yan, founder and chairman of China Evergrande Group [HKG:3333], will take over from Zhao Changlong as chairman of the conglomerate's property unit to strengthen management of the group's core business, the firm said today.
Hui indirectly holds a 63.46-percent stake in the property firm through a multi-layer shareholding structure. He is the actual controller of the real estate unit.
Evergrande Group has four main business areas, property, finance, tourism and health. One of its subsidiaries, Evergrande Health Industry Group Ltd. [HKG:0708], is independently listed.
By the end of June, Hui Ka Yan held a 77.61-percent stake in the group. This is the firm time he will work at one of the parent firm's sector-specific divisions.