Following a trio of holes at the stunning 36-hole golf resort, which celebrated its Grand Opening in the morning, the Chinese number one was two-under-par and one clear of world number two Lee Westwood and fellow Englishman Ian Poulter in the unique 18-hole event.
Rory McIlroy fell further back as the US Open champion again found trouble to lie seven-over, but the lively banter and camaraderie continued as the tournament flew past the halfway mark of its tour of China.
Liang, Westwood and Poulter were tied going to the day's last hole, an uphill par-four, where the Zhongshan native took the lead with a slow, creeping putt that broke dramatically from left to right before eventually dropping to the delight of the player and large crowd.
"I think it was about eight yards (24 feet), but I was thinking most about how to hold the power," said Liang, who punched the air and danced a jig across the green of the 18 hole of the Unicorn course after his epic putt.
"The putt was a bit hilly and breaking, so I just concentrated on getting the right line. I was really happy when it went in and I just hope I can keep playing well in Chongqing."
Liang, 33, said the three holes over the Red Flag Valley's hilly Dragon and Unicorn layouts presented the week's toughest on-course challenge so far.
"I was up and down on these three holes as this was the most challenging day," said Liang, who dropped his first shot of the event at the day's second hole, a downhill par-five converted to a par-four.
"We haven't seen these holes before so we had to work hard. It's a very good golf course, so challenging, and has a very good resort. It's all very high quality."
McIlroy's dramatic tour of China continued when he recorded a double-bogey six at the 10th hole, flying out of a bunker over the green and into a steep bank.
Climbing up through the rough, he chipped onto the green but smiled ruefully as his ball trickled over the far side and into the same sand trap, from where he got up and down for what Poulter cheekily described as "an impressive six".
"I actually played pretty good," McIlroy said. "I just had one bad shot out of the bunker on the 10th which killed me. I made a double bogey there, which is a bit of an improvement because I've been making triple-bogeys earlier in the week! I haven't been eight-over after 10 holes for quite a few years, so it was nice to birdie the last."
McIlroy continues to endear himself to fans with his engaging personality and the popular 22-year-old admitted he was committed to helping the game grow in the world's most populous nation.
"The guys want to make it a little bit competitive, but there's much more to the tournament than that. The Shui On Land China Golf Challenge is about spreading the game in China and letting people see what golf has to offer over here. That's the most important thing. I couldn't care if I was eight-over or eight-under.
"Obviously it would be nice to win, but for us it's more about the whole experience and making sure we enjoy it and making sure it's enjoyable for the people who watch us."
McIlroy believes golf's inclusion in the 2016 Olympics has helped increase the sport's acceptance and recognition across China, which was the top medal winner at Beijing 2008.
"For golf to be included in the Olympics was a huge boost for the game over here. People recognise it more as a sport when it's part of the Chinese Olympic programme," McIlroy said.
"If it isn't a sport in the Olympic programme, it's not as accessible, so being in the Olympics makes so many more people in the place like China want to play the game."
From Dalian, the players were scheduled to take late-night flights on two Bombardier jets to Chongqing, where they will play three holes at Sun Kingdom Golf Club on Friday.
The Shui On Land China Golf Challenge is being filmed by IMG Media and showcased on Golfing World.
Shui On Land China Golf Challenge 2011 schedule
October 10: Shanghai - Tomson Shanghai Pudong Golf Club
October 11: Zhengzhou - Jinsha Lake Golf Club
October 12: Beijing - Topwin Golf and Country Club & Jade Island International Golf Club
October 13: Dalian - Red Flag Valley
October 14: Chongqing - Sun Kingdom Golf Club
October 15: Dongguan - Long Island Golf and Country Club
October 16: Macau - Caesars Golf Macau