Wang Dazai has been promoted once again. On October 27, MIDEA REAL EST (03990.HK) announced that its current executive director and president, Wang Dazai, has been appointed as co-chairman, executive director, and president, effective immediately. He will jointly oversee the board with Chairman Hao Hengle, responsible for the company’s overall business strategy and daily operations.

Concurrently, Hao Hengle stepped down as authorized representative, chairman of the nomination committee, and member of the remuneration committee, with Wang Dazai taking over these roles.

The company noted in its announcement that, under Corporate Governance Code provision C.2.1, the roles of chairman and CEO should be separate and not held by one individual. However, given Wang Dazai’s extensive operational experience, the board believes his dual role will facilitate strategic execution and accelerate business growth while maintaining governance balance.

Wang Dazai, 48, holds a bachelor’s degree in international business management from Sun Yat-sen University and an EMBA from the same institution. He previously served as chairman of Guangzhou Nansha Urban Construction Investment and joined MIDEA REAL EST in 2018, holding various leadership roles.

His rapid ascent continued in 2024: promoted to executive president in April, appointed executive director in June, and elevated to president in October following a major asset restructuring. His latest promotion to co-chairman and president took just 1.5 years.

The move aligns with MIDEA REAL EST’s strategic shift. Earlier, Hao Hengle emphasized focusing on transformation and new ventures, delegating daily operations to Wang. Post-restructuring, the company aims for 25% revenue CAGR and 20% net profit CAGR. H1 2025 results showed a 41.3% revenue rise to RMB 1.997 billion and a 128.1% surge in operating profit to RMB 313 million, with confidence in maintaining 20% growth for the year.

Wang expressed optimism about the restructured platform, highlighting opportunities in the industry’s shift from expansion to quality enhancement. He stated, 「We have much to do,」 noting MIDEA REAL EST is still in its early development phase with significant potential ahead.