BRIEF: Greentown’s H1 sales down 11%, former chairman detained 

3900.HK

Real estate developer Greentown China Holdings Ltd. (3900.HK) said its contract sales in the first half of the year totaled 80.3 billion yuan ($11.2 billion), involving an area of ​​2.29 million square meters. Sales attributable to Greentown totaled 53.9 billion yuan for the period, down 11.3% from 60.8 billion yuan a year earlier.

Sales for Greentown’s self-invested projects in June totaled 14.2 billion yuan, down 18.4% year-on-year. But the average price per square meter rose 6.8% to 34,746 yuan.

Several media also reported earlier that Zhang Yadong, the company’s former chairman, was taken away at a boarding gate at the Hong Kong airport as he was preparing to fly to Canada at the end of May. No specific reason was disclosed.

Zhang was once a deputy mayor of Dalian. He was transferred to the state-run China Communications Construction Group in 2016 before taking the helm at Greentown in 2018. In March, Greentown suddenly announced that Zhang Yadong had resigned.

Shares of Greentown opened flat at HK$9.77 on Tuesday. The stock is down 27% from its 52-week high.

By Lau Chi Hang

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