Amid the ongoing turbulence in the real estate sector, state-owned property developers are continuously adjusting their personnel and organizational structures.

China Resources Land announced on September 23 that Guo Shiqing has resigned from his positions as executive director, chief financial officer, and company secretary due to "other work arrangements." Simultaneously, Hao Zhongming has been appointed as executive director and member of the executive committee, while Zhao Wei has taken over as executive director, chief financial officer, company secretary, and authorized representative.

This latest senior management reshuffle at China Resources Land is not an isolated event. Looking back over the past three years, this state-owned real estate giant has undergone continuous personnel adjustments.

In January 2023, Xu Rong joined China Resources Land as vice president, overseeing ecosystem development, strategic planning, and urban renewal businesses. Xu Rong's background drew significant attention—he previously served as deputy director of Shenzhen's Planning and Land Resources Committee, deputy general manager of China Merchants Group's regional development department, and general manager of Shenzhen Qianhai Shekou Free Trade Investment Development Co., Ltd.

Xu Rong's promotion speed has been remarkable. Joining in January 2023, he was promoted to president by December 2024—such rapid advancement is uncommon within state-owned enterprise systems.

In September 2023, former president Wu Bingqi resigned to join China State Construction Group as party group member and deputy general manager. 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 deputy general manager of China Resources Group's strategic management department. Subsequently, in September this year, Guo Shiqing's resignation completed a crucial step in this round of senior management adjustments.

Following these adjustments, China Resources Land's board of directors has expanded to 14 members, with six executive directors jointly leading the company's daily operations and strategic decision-making, presenting distinct complementary characteristics.

Among them, Li Xin and Zhang Dawei are veteran executives with over 20 years of average tenure, deeply familiar with the company's development trajectory and business foundation. Chen Wei joined China Resources Land four years ago, having previously served as a senior executive at Sino-Ocean Group for an extended period, bringing mature market-oriented property development experience.

The newly appointed executives Xu Rong, Hao Zhongming, and Zhao Wei represent three key directions for China Resources Land's future development.

Xu Rong possesses extensive government planning background, and his appointment clearly strengthens China Resources Land's policy resource integration capabilities in urban renewal. Hao Zhongming has dual government and corporate experience, having served in central government agencies in his early career, rising to deputy department head in the organization department before joining the China Resources system in 2018.

Zhao Wei's appointment reflects China Resources Group's upgraded approach to financial risk control. He has worked within the China Resources system for over 20 years, but his main experience has been concentrated in fast-moving consumer goods sectors such as beer and pharmaceuticals.

Zhao Wei possesses cross-sector financial experience, having simultaneously served as director of China Resources Beer and its affiliated liquor-related companies.

The management changes at China Resources Land are deeply related to strategic transformation. In 2023, China Resources Land clearly proposed its "major asset management transformation" goal, establishing "promoting asset management business transformation, expanding asset management scale, and building an industry-leading commercial REITs platform" as an important strategic direction.

This transformation has already shown initial results. In the first half of this year, China Resources Land achieved operating revenue of 94.92 billion yuan, up 19.9% year-on-year; shareholders' attributable profit reached 11.88 billion yuan, up 16.2% year-on-year. More crucially, the investment property and asset management business has become a growth engine.

Shopping centers performed particularly well, with retail sales reaching 110.15 billion yuan, up 20.2% year-on-year, and operating profit margin improving to 65.9%, reaching a historical high. As of the end of June, China Resources Land operated 94 shopping centers, with 27 cities featuring two or more shopping center layouts.

The solid advancement of asset management business has opened space for commercial REITs expansion. By the end of the first half of 2025, China Resources Land's commercial REIT market value exceeded 10 billion yuan, with cumulative dividends of 495 million yuan over six quarters since listing.

Management stated that over the next 3-5 years, the commercial REIT platform is expected to reach a scale of 30-50 billion yuan, with average annual exit scale of 5-10 billion yuan.

However, the challenges facing the new management team should not be underestimated. Integrating a diverse background team requires time, government background personnel need to enhance market-oriented operational capabilities, and the cross-sector CFO needs to adapt to the full-cycle rhythm of real estate "investment, financing, construction, management, and exit."

China Resources Land has clearly identified five future focus areas: dual-wheel drive of urban renewal funds and REITs, building a "commercial + ice and snow + long-term rental" TOD ecosystem, achieving construction management and light-asset output, completing "Belt and Road" industrial real estate replication, and launching zero-carbon park solutions.

These strategic directions all require enterprises to possess stronger policy interpretation capabilities, resource integration abilities, and cross-format operational capabilities.

The power structure following China Resources Land's board adjustment has quietly changed. Veterans like Li Xin and Zhang Dawei, with over twenty years of average tenure, continue to helm the overall situation, while new faces like Xu Rong, Hao Zhongming, and Zhao Wei bring cross-system experience.

The pace of management changes at China Resources Land also highly aligns with industry cycles. As the real estate industry shifts from incremental development to stock operations, this state-owned real estate giant is quietly changing gears.

The real estate industry has bid farewell to the era of rapid expansion, replaced by new requirements for refined operations, resource integration capabilities, and risk control.

While many private real estate companies are still struggling for survival and debt resolution, state-owned and government-backed real estate developers with access to low-cost funding and government resources are proactively changing gears, reshaping organizational and talent structures to compete for urban renewal opportunities and profit from stock operations.

It can be said that the power structure of China's real estate industry is being reconstructed. The past expansion model relying on high leverage and individual heroism has come to an end. The future will belong to players who can deeply integrate market mechanisms, government resources, and capital operation capabilities. China Resources Land's new management team is a microcosm of this future trend.