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The chairman of China’s greatest residence furnishing retailer has died amid an investigation by authorities and as his firm endures a protracted hunch brought on by the sluggish property market.
Wang Linpeng, chairman and chief govt officer of Wuhan-based Easyhome New Retail Group Co., died at residence on Sunday, the corporate mentioned, with out figuring out the reason for his dying. Wang was detained by Wuhan metropolis authorities three months in the past and was launched earlier this month “pending investigation,” the corporate mentioned in a separate assertion, with out giving extra particulars.
A downturn in China’s property market and weak client sentiment have squeezed furnishings retailers and residential furnishing firms. Lately, even the likes of Ikea have tried to lure thrifty shoppers with steeper reductions to stem declining progress, and Japanese furnishings retailer Nitori Holdings Co. has paused enlargement and shuttered some shops.
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Easyhome, which operates malls providing furnishings, development and ornament supplies, has seen its revenue drop for 3 consecutive years. Internet revenue declined 39% within the first quarter of 2025, in accordance with the Shenzhen-listed firm, through which Wang and events performing in live performance held a mixed 44% stake.
Dong Yi Ri Sheng Residence Ornament Group Co., one other Shenzhen-listed residence furnishing firm, anticipated a web lack of a minimum of 46 million yuan within the first six months of this 12 months, including to a lack of 540 million yuan in 2024.
The difficult surroundings has pushed some out of enterprise. Guangzhou-based furnishing model Liangjiaju introduced finish of operations this month, whereas the once-popular renovation providers supplier Zhufaner knowledgeable purchasers in June that it’s unable to meet orders as scheduled attributable to monetary difficulties.
China’s furnishings retail gross sales progress has slowed considerably from earlier than the pandemic, with enlargement at low single-digit up to now two years in contrast with greater than 10% annual enhance between 2016 and 2018, in accordance with information from the Nationwide Bureau of Statistics.
Shares of Easyhome dropped as a lot as 3.4% Tuesday after the corporate confirmed the dying of its chairman. The inventory has slumped greater than 17% thus far this 12 months.
This text was generated from an automatic information company feed with out modifications to textual content.
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