Chinese property developer Country Garden Holdings said on Wednesday that its founder and chairman Yeung Kwok-Keung, 68, has resigned for "age reasons" and handed over the post to his daughter YANG Huiyan, who has been managing the company with her father as co-chairman since 2018.

"Yeung will continue to participate in the corporate operations of the group as a special adviser after his resignation," the firm said in a filing to the Hong Kong bourse.

Yeung also resigned as executive director. The changes were effective on March 1.

Yang was previously the richest woman in Asia but saw her wealth shrank last year from nearly US$24 billion to US$11 billion last year due to the property crisis of China, according to Bloomberg Billionaires Index.

Country Garden’s shares in the HKEX surged as much as 7 percent to HK$2.59 (2.28 yuan, US$0.33) following the announcement.