August 15, 2011 / 8:30 AM / 7 years ago

China's Longfor Properties says replaces chief executive

HONG KONG, Aug 15 (Reuters) - Longfor Properties Co Ltd , which was red-flagged by Moody’s last month, said on Monday that it has replaced its chief executive officer effective immediately.

Wu Yajun had resigned as CEO of Longfor and the post had been taken over by Shao Mingxiao, who was deputy CEO and general manager of the company’s commercial properties, Longfor said without elaborating.

Shares of Longfor, which has a market capitalisation of HK$63.8 billion, ended up 2.65 percent on Monday, outperforming the Hang Seng Index’s 3.26 percent rise.

Last month, Moody’s warned of accounting and governance risks at dozens of small Chinese companies, issuing red flags that sparked a selloff in their shares.

The list included property companies Longfor, Renhe Commercial Holdings Co Ltd and Evergrande Real Estate Group Ltd , which received seven red flags each in the Moody's report. For a copy of the statement, please click here (Reporting by Lee Chyen Yee; Editing by Chris Lewis)

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