Longfor started trading publicly in Hong Kong in 2009 and has been considered a healthy developer as it meets the "three red lines" – the debt restrictions China imposed as part of its crackdown on leverage. The firm remains one of the rare builders in the nation that managed to post net income growth in the first half of this year and hand out cash dividends. But China's dimming economic outlook amid its punishing Covid-19 policies and limited financing channels are hampering confidence in Longfor's growth. And Ms Wu's stepping down is not helping. BLOOMBERG