Yang Lieguo, who is on the side of Executive Chairman Guo Lingming in the internal strife of the Guo family in Urban Development, believes that the statement issued by the President of Urban Development Group Guo Yizhi on Thursday (February 27) is to divert everyone's attention from the current issue.

Yang Lieguo is a non-independent non-executive director of Urban Development. He also issued a statement late at night with Guo Lingming on Friday (28th).

He said: “The President of Urban Development Group (referring to Guo Lingming's eldest son Guo Yizhi) and the directors who worked with him deliberately bypassed the nomination committee and forced the appointment of two new independent directors despite legal advice. They quickly reorganized the Nomination Committee and the Remuneration Committee and renamed it to the Nomination and Remuneration Committee to effectively bind the Executive Chairman.”

Yang Lieguo further stated: “The President of Urban Development Group should focus on making up for shareholders' 1.9 billion yuan losses in Sincere Property and other losses in real estate investment in the UK. Instead, he seems more concerned about dissatisfaction, mobilizing a group of independent directors to remove an advisor to the Urban Development Hotel business, which has actually improved profits in the past few years since the COVID-19 pandemic. The President of Urban Development Group should work with the entire board of directors to make money for all Urban Development shareholders.”

He said: “Urban development was acquired by Guo Fangfeng, Guo Lingyu and Guo Lingming. I know all three of them very well. People of our time dare to dream. This is why the three of them have been so outstanding in building a multi-billion-dollar Singapore company and competing around the world. The president of the Urban Development Group must learn from them. Just work hard and serve all shareholders!”

Further reading

Guo Lingming: Deprivation of the Chairman's substantive power is essentially a “coup”

Guo Lingming: Deprivation of the Chairman's substantive power is essentially a

Guo Lingming issued another statement to refute Guo Yizhi's words and did not mention Wu Guanying

Guo Lingming issued another statement to refute Guo Yizhi's words and did not mention Wu Guanying

Previously, in a statement Thursday, Guo Yizhi pointed out that Wu Guanying, secretary-general of Guo Lingming's office, was the root cause of the incident. Wu Guanying followed Guo Lingming for more than 30 years. She was originally from Taiwan. She has released albums as a music doctor, hosted music programs and was selected as the “Top Ten Outstanding Young Women” in Taiwan.

In his statement late on Friday night, Yang Lieguo did not mention Wu Guanying's name, but what he said was “a consultant for urban hotel business development” should refer to Wu Guanying.