The Real Deal New York

Ifei Chang resigns as CEO of Greenland USA

Hu Gang will take over as interim chief

November 09, 2015 08:30AM

I-Fei Chang

Ifei Chang

Ifei Chang, CEO of Greenland USA, stepped down Friday without an explanation.

Chang, who became CEO in 2013, will be succeeded on an interim basis by Hu Gang, an executive vice president at the company.

“Greenland Group recognizes Ms. Chang’s achievements, and respects her choice to resign for personal reasons,” the company wrote in a news release.

Greenland, the Los Angeles-based subsidiary of one of China’s largest real estate developers, is one of the largest foreign investors in the New York market.

The company is developing the $4.6 billion Pacific Park project on 22 acres of land in Brooklyn, along with minority partner Forest City Ratner.

Chang also oversaw the firm’s $1.4 billion investment in the Metropolis hotel in Los Angeles, the New York Observer reported.

At The Real Deal‘s U.S. Real Estate Showcase & Forum in Shanghai last month, Chang spoke of the value for Chinese firms of joint ventures with Western companies.

Also last month, Greenland and Forest City unveiled renderings for their latest Pacific Park condo tower, the 312,000-square-foot 615 Dean Street in Prospect Heights. [NYO]Ariel Stulberg