China Resources Land Undergoes Major “Reshuffle”
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Author | Zhou Zhiyu
Editor | Huang Yu
Amid ongoing volatility in the real estate sector, personnel and organizational adjustments at central state-owned enterprise (SOE) property developers have also been continuously changing.
On September 23, China Resources Land released an announcement, stating that Guo Shiqing resigned from his positions as Executive Director, Chief Financial Officer, and Board Secretary due to “other work arrangements.” Meanwhile, Hao Zhongming was appointed as Executive Director and a member of the Executive Committee, and Zhao Wei stepped in as Executive Director, Chief Financial Officer, Board Secretary, and Authorized Representative.
This senior management reshuffle at China Resources Land is not an isolated incident. Looking back over the past three years, this SOE property giant has seen continuous personnel adjustments.
In January 2023, Xu Rong joined China Resources Land as Vice President, overseeing businesses such as the ecosystem, strategy department, and urban renewal. Xu Rong's background attracted attention—he previously served as Deputy Director of the Shenzhen Municipal Planning and Land Resources Committee, Deputy Director of the Regional Development Department at China Merchants Group, and General Manager of Qianhai Shekou Free Trade Investment Development Co., Ltd. in Shenzhen.
The speed of Xu Rong’s promotion is remarkable. He joined in January 2023 and was promoted to President by December 2024—such a rapid rise is rare in the SOE system.
In September 2023, former President Wu Bingqi resigned and became a member of the party group and Deputy General Manager at China State Construction Group. For the following year, the President position was temporarily held by Board Chairman Li Xin, until Xu Rong took over.
In August 2024, Chief Strategy Officer Xie Ji was transferred to China Resources Group as Deputy General Manager of the Strategy Management Department. Then, in September this year, Guo Shiqing resigned, completing a key step in this round of senior management changes.
After this adjustment, the China Resources Land Board has expanded to 14 members, with six Executive Directors jointly leading the company’s daily operations and strategic decisions, showing a clear feature of diversity and complementarity.
Among them, Li Xin and Zhang Dawei are "veterans" with an average tenure of over 20 years, who are deeply familiar with the company’s development path and business foundations. Chen Wei joined China Resources Land four years ago after long serving as an executive at Sino-Ocean Group, bringing experienced market-oriented property management know-how.
The newly-appointed executives Xu Rong, Hao Zhongming, and Zhao Wei represent three key directions for the future development of China Resources Land.
Xu Rong, with his rich government planning background, has clearly strengthened China Resources Land’s ability to integrate policy resources in urban renewal. Hao Zhongming also has both governmental and corporate experience, having started his career in central government agencies, rising to Deputy Minister in the Organization Department, and then joining China Resources in 2018.
Zhao Wei’s appointment reflects China Resources Group’s upgrade in financial risk control. He has worked in the China Resources system for over 20 years, but mainly in fast-moving consumer goods segments such as beer and pharmaceuticals.
Zhao Wei possesses cross-segment financial experience, having simultaneously served as a director for China Resources Beer and its affiliated baijiu companies.
Senior management changes at China Resources Land are closely tied to its strategic transformation. In 2023, China Resources Land explicitly set a goal of "large-scale asset management transformation," identifying “driving asset management business transformation, scaling up asset management, and building an industry-leading commercial REITs platform” as a major strategic direction for the company.
This transformation has already produced initial results. In the first half of this year, China Resources Land achieved an operating income of 94.92 billion yuan, a year-on-year increase of 19.9%; attributable net profit of 11.88 billion yuan, up 16.2% year-on-year. More crucially, operating real estate and asset management businesses have now become growth engines.
The performance of shopping centers is particularly striking, with retail sales reaching 110.15 billion yuan, a year-on-year increase of 20.2%, and operating profit margin rising to 65.9%, reaching a historical high. As of the end of June, China Resources Land had 94 shopping centers in operation, with 27 cities hosting two or more centers.
The solid advancement of asset management is opening up space for commercial REITs fundraising. By the end of the first half of 2025, the market value of China Resources Land’s commercial REITs had exceeded 10 billion yuan, with a total of 495 million yuan in dividends distributed over six quarters.
According to management, in the next 3-5 years the commercial REITs platform is expected to reach a scale of 30 to 50 billion yuan, with annual exit scale averaging 5 to 10 billion yuan.
However, challenges facing the new management team should not be underestimated. The integration of teams with diverse backgrounds takes time, executives with government backgrounds need to enhance their market-oriented operational abilities, and the cross-industry CFO needs to adapt to the full cycle rhythm of real estate’s "investment, financing, construction, management, and exit."
China Resources Land has made clear that it will focus on five key areas in the future: dual engines of urban renewal funds and REITs, building a "commercial + ice & snow + long-term rental" TOD ecosystem, realizing project management and light asset output, replicating "Belt and Road" industrial real estate, and launching zero-carbon park solutions.
All these strategic directions require the company to have stronger abilities in policy interpretation, resource integration, and cross-sector operation.
The power structure of China Resources Land’s Board has quietly shifted after the adjustment. Veterans such as Li Xin and Zhang Dawei, with average tenure over 20 years, continue to be in charge, while newcomers such as Xu Rong, Hao Zhongming, and Zhao Wei bring cross-system experience.
The pace of China Resources Land’s executive changes closely matches the industry’s cycle. As the real estate sector shifts from incremental development to stock operation, this SOE property giant is quietly changing gears.
The era of high-speed expansion in real estate is over, replaced by new demands for refined operations, resource integration, and risk control.
While many private property developers still struggle to survive and resolve debt issues, SOE and state-owned property developers, backed by low-cost funds and government resources, are proactively shifting gears, reshaping their organizations and talent structure to compete in urban renewal and tap into stock operations.
It can be said that the power structure of China’s real estate industry is being reconstructed. The old reliance on high leverage and personal heroics for expansion is over; the future belongs to those able to deeply integrate market mechanisms, government resources, and capital operation capabilities. The new management team at China Resources Land is a microcosm of this future trend.
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