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China Great Land's CEO and independent director resign

THE chief executive and an independent director for construction service provider China Great Land Holdings Ltd have resigned.

Chief executive Ong Peng Kwang Jemme, 57, is stepping down with effect from May 2 to pursue other personal interests, the firm said in an exchange filing on Wednesday. Mr Ong, who was appointed to the position in January last year, was also the group's deputy executive chairman and executive director.

China Great Land's executive chairman Xing Fei, 36, has been appointed the interim CEO while the firm starts the search for a new head.

Lim Boon Kwee, a non-executive independent director who was the chairman of the remuneration committee and a member of the audit and nominating committees, has also left the group.

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The 56-year-old, who was appointed to the position in August last year, wanted to devote more time to his other commitments.

The firm said it is seeking suitable candidates to fill the vacancies of the various board committees, and will make further announcements in relation to any new board appointments in due course.

Separately, in response to an exchange query, China Great Land's board said it is of the opinion that the the company will be able to operate as a going concern as it has received letters from the controlling shareholders indicating that they will provide continuing financial support to the group.

One of them, Deepwater Harbour Investment Pte Ltd, is in the process of providing a loan of two million yuan (S$420,000) to the company, it added.

China Great Land recorded a loss of six million yuan last year, compared to a net profit of 37.5 million yuan the year before, in the absence of any revenue.

The group had failed to secure any project during the financial year, which it said was due to the global economic downturn and intense competition.