Urban Development Director Yang Lieguo announced his retirement and stepped down from 16 years of directorship from August

City Developments announced that non-independent non-executive director Yang Lieguo will retire.

Urban Development said in a statement submitted to the Singapore Exchange on Tuesday (July 15) evening that Yang Lieguo has served on the board of directors of the Urban Development for 16 years and is now retiring with the final service date of July 31.

He said at the time: "The President of Urban Development Group (referring to Guo Yizhi) and the directors who were acting with him deliberately bypassed the nomination committee and forcibly appoint two new independent directors (Yang Yufang and Huang Suyan) despite legal advice. They quickly reorganized the Nomination Committee and the Remuneration Committee and renamed them to the Nomination and Remuneration Committee to effectively bind the Executive Chairman."

City Development closed at 5.57 yuan on Tuesday, down 0.18%.

Subsequently, the internal strife of the Guo family and the board of directors ended. However, at the annual shareholders' meeting held by Urban Development on April 23, Yang Lieguo expressed his opposition to the appointment of the two new independent directors without reservation.

In the internal strife between the Guo father and son of the urban development broke out in February this year, Yang Lieguo has always been on the side of Executive Chairman Guo Lingming. He said at the time that Guo Yizhi, president of Urban Development Group and eldest son of Guo Lingming, criticized Wu Guanying, secretary-general of Guo Lingming's office, to divert everyone's attention from the current issue.

The statement stated that the board of directors and management expressed his gratitude for his 16-year service and his contribution during his term of office. Yang Lieguo has served as the director of urban development since May 2009. He is also the former chairman of the Economic Development Bureau.