(Yicai) March 12 -- Zhang Zenggen, chairman of China Jinmao Holdings Group, has retired and will be succeeded by Chief Executive Officer Tao Tianhai, who has worked at the builder for nearly 25 years.

Tao has replaced Zhang effective immediately after his retirement yesterday, Jinmao announced late on the same day.

Tao, 50, joined Jinmao in July 2000 and served as a senior executive before being appointed vice president in January 2017, senior VP in October that year, and executive director and CEO in April 2023.

Zhang joined Jinmao in 2023 as chairman and executive director after a long-term service as a senior executive of China Sinochem Holdings, the majority shareholder of the developer and its affiliates.

In a separate announcement on the same day, Jinmao said it expected to have swung into the black last year with a net profit of around CNY1 billion (USD138 million), compared to a net loss of CNY6.9 billion in 2023.

Jinmao's new home contracted sales topped CNY98.3 billion (USD13.6 billion) in the 12 months ended Dec. 31, significantly lower than CNY141.2 billion (USD19.5 billion) the year before. However, the Hong Kong-based firm still climbed to the 12th spot from the 13th among Chinese builders.

During the real estate market's deep adjustment in 2022 and 2023, Jinmao was conservative in land acquisition. However, starting from the end of last year, it has begun to show a strong willingness to buy land.

Jinmao acquired land worth CNY12.9 billion over the first two months of this year, ranking second only behind China Resources Land, according to data from the China Index Academy.

Editors: Tang Shihua, Martin Kadiev