The Real Deal Miami

Ifei Chang resigns as CEO of Greenland USA

Hu Gang will take over as interim chief

November 09, 2015 12:45PM

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I-Fei Chang

Ifei Chang

From the New York website: 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.

Chang had also visited South Florida this summer to peruse the market and assess future development potential.

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.

Chang, told TRD in June that she met with architects during her stay in South Florida. But she declined to name the architects, and demurred about scouring property for investment, saying that she was just “starting to test the waters.”

“After spending two days in Miami, I really see an opportunity for Miami to continue to invest in its infrastructure, to bring in more talent here,” she told the audience, as the keynote speaker at a session “Transforming American Skylines: Chinese Developers at the Forefront,” during the National Association of Real Estate Editors’s 49th Annual Real Estate Journalism Conference.

While in South Florida, Chang visited the Miami River neighborhood, and drove up to Palm Beach. She said she especially liked the University of Miami’s medical campus. That area, she said, “would attract developers like us.”

“If Miami can invest in its infrastructure, we have the opportunity to bring in more investment from Asia,” she said.

Yet, one aspect of Miami she didn’t appreciate: all the luxury high-rise condos, “that are dividing the community.”

“I hope Miami will have a more sustainable development,” Chang said during her speech. “It’s a great gateway to Latin America. We certainly want to be here, but not just to attract luxury development.” [NYO]Ariel Stulberg