July 4 (NBD) -- Greenland Holdings Corp Ltd ("Greenland Holdings", 600606.SH) saw around 8.9 billion restricted shares (about 73.51 percent of the company's total stock capital) become freely tradable Monday. 

Following that, its stock price plummeted by 5.2 percent accumulatively in the first two days of this week, with the previous close at 6.2 yuan (93 cents), down 40.5 percent from its peak in the last 12 months.

Greenland Holdings' Chairman Zhang Yuliang and its largest shareholder Shanghai Gelinlan Investment (Limited Partnership), which were viewed as the biggest beneficiary of the property developer's overall listing in 2015, are expected to face tough challenges in the future. 

Based on Greenland Holdings' close price on Tuesday, it could be calculated that Shanghai Gelinlan Investment's stake in the real estate developer is now valued at around 25.1 billion yuan (3.8 billion U.S. dollars), down 75 percent from the figure in early 2015. 

The significant drop is largely because some big shareholders have reduced their stakes continuously. As of the first quarter of this year, four out of the previous top 10 shareholders have been no longer on the list. Among them included Shenzhen Ping'an Innovation Capital Investment Co., Ltd. 

At the company's shareholders' meeting in May, many investors raised concerns about the market value management. In response, Chairman Zhang Yuliang said the company was dedicating itself to creating value for shareholders and maximizing company value.    

According to him, Greenland Holdings anticipates 20 percent growth in main performance indices for the year of 2018. Of those, the company expects property sales to reach 400 billion yuan (60.1 billion U.S. dollars). 

Data from real estate industry information provider guandian.cn show that Greenland Holdings obtained sales of 163.5 billion yuan (24.6 billion U.S. dollars) in the first half of this year, having fulfilled approximately 40.88 percent of the annual target.  

Email: lansuying@nbd.com.cn