Witnessing the Rise and Fall of Centibillion-Yuan Real Estate Enterprises, Xcity's Lü Xiaoping Steps Down, Closing the Curtain on a 25-Year Professional Manager Career

This image may have been generated by AI.

On March 16, 2026, New City Development Holdings Limited and New City Holdings Group Co., Ltd. respectively announced the resignation of senior executives. Core veteran Lu Xiaoping officially resigned from all related positions in both companies, ending his 25-year career in the New City system more than a year early. This marks another significant personnel change during the company’s strategic transformation, attracting industry attention.

The announcement shows that the board of directors of New City Holdings received Lu Xiaoping’s written resignation report on March 16. He applied to resign from his director position due to personal reasons, with his original term ending on May 28, 2027. The resignation took effect immediately upon delivery to the board, and Lu Xiaoping no longer holds any positions at New City Holdings. As of the disclosure date, Lu Xiaoping did not hold any company shares, and there are no unfulfilled public commitments. New City Holdings explicitly stated that his resignation would not negatively impact the company’s normal operations or business activities, nor would it cause the board to have fewer than the legally required minimum number of members. The company will promptly complete the election of new directors and fulfill disclosure obligations.

On the same day, New City Development also announced Lu Xiaoping’s resignation, citing the need to devote more time and energy to other matters. He resigned from his roles as Executive Director, CEO, and member of the Environmental, Social, and Governance Committee, effective March 16. Lu Xiaoping confirmed that he has no disagreements with the board of New City Development and that there are no other issues requiring the company’s shareholders or the Hong Kong Stock Exchange’s attention. Currently, New City Development is actively seeking suitable candidates for CEO and will announce the appointment results at an appropriate time.

As a core veteran of the New City system, 65-year-old Lu Xiaoping joined New City Holdings in 2001. He has witnessed and participated in the company’s growth from a regional real estate developer to a nationwide billion-yuan enterprise and was one of the key professional managers during Wang Zhenhua’s era. His career includes roles such as Director and General Manager of Jiangsu New City Real Estate, Vice Chairman of New City Holdings, and since 2016, Executive Director and CEO of New City Development, becoming a key decision-maker in daily management. In 2025, he also served as President of the New City Digital Asset Research Institute, promoting the company’s exploration into real-world asset tokenization. In October 2025, he resigned as Non-Executive Director of New City Yue Service, and his resignation now signifies his complete exit from all senior management positions within the New City system.

Both New City Development and New City Holdings highly praised Lu Xiaoping’s contributions in their announcements, stating that he was diligent and responsible during his tenure and expressing heartfelt thanks for his efforts and valuable contributions to the company’s development. His resignation coincides with a critical period of deep strategic transformation for the New City system, reflecting profound changes in the company’s operational landscape.

Once a billion-yuan real estate giant, New City Holdings has faced industry adjustment pressures in recent years. In 2025, its operational data showed a clear “residential-commercial split”: total contracted sales reached approximately 19.27 billion yuan, down 52.03% year-on-year; total contracted sales area was about 2.5358 million square meters, down 52.94%, with residential development shrinking significantly. In stark contrast, the commercial operation segment performed well, with total revenue of about 14.09 billion yuan in 2025, up 10.00% year-on-year, becoming the company’s core profit and cash flow pillar.

Currently, the New City system has clarified its transformation direction of “focusing on operations and de-emphasizing development.” Residential business is shifting toward light-asset agency construction, prioritizing land asset disposal to reduce debt, while continuing to deepen commercial operations. Wuyue Plaza’s operational count is steadily increasing, and the light-asset agency construction business is also growing rapidly. Industry analysts believe that Lu Xiaoping, as a veteran who grew with the company, stepping down may signal a management succession and further strategic shift toward commercial operations and innovative businesses.

Although Lu Xiaoping’s early resignation is unlikely to cause significant short-term disruptions to New City’s operations, the selection and deployment of new senior executives will directly influence the company’s future strategic advancement and transformation pace. Against the backdrop of industry deep adjustments and accelerated transformation of private real estate companies, whether New City can leverage its advantages in the commercial sector to continuously optimize its business structure and achieve steady development remains a key focus. The subsequent election of senior management and strategic implementation will continue to attract market attention. Lu Xiaoping’s 25-year dedication and departure also symbolize the career trajectory of a generation of professional managers during the industry’s transformation period.