After City Development (CDL) executive chairman Guo Lingming publicly stated that he would fire his eldest son and company president Guo Yizhi, Urban Development issued a statement saying that Mr. Guo Yizhi is still the president of the group.

Urban Development said that the company applied for suspension of transactions after its results were released on Wednesday (February 26) and temporarily canceled the performance conference because there were differences within the board of directors regarding the composition and composition of the board of directors and its committees.

The statement said: “Mr. Guo Yizhi remains the president of the group until the board of directors makes a resolution on changes in the company's leadership.”

Guo Lingming issued an open letter on Wednesday accusing his eldest son Guo Yizhi of trying to “seize power” and said he had submitted documents to the court on February 25 to deal with the actions of Guo Yizhi, Li Yizhen, Deng Aiai and other directors who acted with them, trying to control the actions of the Urban Development Board.

Guo Lingming also stated in an open letter: “I plan to change the CEO at the right time” and “as a father, firing my son is certainly not an easy decision.”

Further reading

Guo Lingming: Yang Lieguo and other directors firmly safeguard the highest standard of governance in urban development

Guo Lingming: Yang Lieguo and other directors firmly safeguard the highest standard of governance in urban development

Guo Lingming and his son looked at the major events in recent years of urban development

Guo Lingming and his son looked at the major events in recent years of urban development

Urban Development said in a statement that despite the suspension of transactions, the company's business operations remained completely normal and were not affected.