China Vanke flags record loss as Chairman, CEO resign amid woes
China Vanke Co.’s chairman and chief executive officer will both resign in an abrupt move after the embattled developer warned of a record 45 billion yuan ($6.2 billion) loss for 2024.
Chairman Yu Liang applied to resign due to “work adjustment reasons,” but will remain as a director of the company, Vanke said in a filing to the Hong Kong stock exchange on Monday.
Chief Executive Officer Zhu Jiusheng is also stepping down, citing “health reasons.” He will no longer hold any positions at the company.
Xin Jie, chairman of Shenzhen Metro Group Co., will replace Yu. The state-owned subway operator is Vanke’s largest shareholder.
The developments underscore the sense of alarm at the Shenzhen-based developer, which has taken center stage in China’s prolonged property slump after dozens of its peers defaulted. Vanke risks a similar fate as it faces a wall of debt repayments at a time when losses are widening and home sales continue to tank.
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