(Yicai Global) March 22 -- Hong Kong-based real estate developer Kaisa Group Holdings Ltd. has brought in a former leading figure from China's central bank, the People's Bank of China, to serve as executive director and vice chairman.
Zhang Jianjun, 60, worked at PBOC for more than 20 years, serving as president of its Shenzhen office before stepping down in 2016 to join investment firm Sanpower Group Co. as chief economist. He will oversee Kaisa Group's financial management, it said in a statement, earning CNY3.5 million (USD552,800) per year after tax.
Kaisa Group's appointment of Zhang follows a growing trend in China's real estate sector with many leading players bringing in senior-level professionals with a strong background in the finance sector. Realty heavyweight China Vanke Co. promoted senior vice-president Jiusheng Zhu, who boasts 20 years of banking sector experience, to chief executive in January this year, while China Evergrande Group hired renowned securities analyst Ren Zeping as chief economist last December.
Zhang has excellent management skills in financial management, Kaisa Group's statement said, adding that he possesses profound insights on economic development.
Founded in Hong Kong in 1999, Kaisa Group's business mainly involves four areas, namely, real estate, business operations, hotel management and property services spanning more 50 cities across China. The company's total assets amount to nearly CNY200 billion.