BUSINESS

Vanke CEO’s Unclear Whereabouts Sparks Questions Over Indebted Developer's Future

Published: Jan. 17, 2025 8:34 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

Zhu Jiusheng made a personal social media post on Jan. 17.

Questions about the whereabouts of a China Vanke Co. Ltd. executive with financial know-how has once again cast a spotlight on the Shenzhen-based property giant as it struggles to repay its mounting debts.

On Thursday, the Economic Observer, a Chinese financial news outlet, quoted multiple sources as saying that Vanke CEO and President Zhu Jiusheng has been taken away by police. It also reported that Vanke might be taken over by the government for a restructuring.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Subscribe to both Caixin Global and The Wall Street Journal — for the price of one.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

The CEO of China Vanke, Zhu Jiusheng, was reportedly taken by police, sparking concerns about the company's financial stability and potential government takeover for restructuring.
Vanke faces a credit crisis with substantial debt maturing, totaling over 36 billion yuan in 2025, causing significant market concern and bond value decreases.
Confusion regarding Zhu's whereabouts led to trading halts due to substantial bond price drops, reflecting financial instability and investor apprehension.

AI generated, for reference only

Who’s Who

China Vanke Co. Ltd.: China Vanke Co. Ltd., a Shenzhen-based property giant, is facing financial difficulties due to mounting debts. Reports surfaced about CEO Zhu Jiusheng being taken by police, sparking speculation and market turmoil. Zhu was crucial in managing investments, financing, and maintaining ties with China Construction Bank. Vanke is dealing with a major debt crisis, with significant onshore and offshore debts maturing in 2025, raising concerns about its solvency.

China Construction Bank Corp.: Before joining Vanke in 2012, Zhu Jiusheng spent nearly two decades at China Construction Bank Corp. in Shenzhen, where he gained capital expertise and valuable contacts in Shenzhen’s financial circles. His experience with the state-owned lender helped Vanke develop a closer relationship with the bank after he joined the company.

AI generated, for reference only