Vanke Chairman Yu Liang Resigns Amid Mounting Debt Concerns
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China Vanke Co. Ltd. (000002.SZ) said its chairman Yu Liang has stepped down amid a series of top leadership changes as the cash-strapped property giant grapples with mounting debts and liquidity strain.
Xin Jie, the chairman of Vanke’s major state-owned shareholder Shenzhen Metro, will take over as chairman. Yu, 60, will continue with the company as executive vice president, according to a filing from the Shenzhen-based firm on Monday.

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- Yu Liang stepped down as China Vanke's chairman amid financial strains; Xin Jie from Shenzhen Metro takes over, enhancing state oversight. Vanke reports a projected 45 billion yuan loss for 2024, a significant downturn from its 12 billion-yuan profit in 2023.
- CEO Zhu Jiusheng resigned due to health reasons; speculation arose after reports of police involvement, affecting Vanke's bonds. Zhu Xu also resigned from key roles but remains in the company.
- Vanke faces debt challenges, with 32.64 billion yuan of onshore and 3.6 billion yuan of offshore notes maturing in 2025. Shenzhen Metro is expected to provide support amid hopes for debt resolution.
- China Vanke Co. Ltd.
- China Vanke Co. Ltd., a major property developer, faces a severe debt crisis, expecting a 45 billion yuan net loss for 2024. Amid leadership changes, Xin Jie from Shenzhen Metro has become the new chairman, aiming for increased support and state oversight. The company struggles with maturing debts and recent bond price slumps. Shenzhen Metro, Vanke's major shareholder, plans to provide financial stability and support during this challenging period.
- Shenzhen Metro
- Shenzhen Metro is Vanke's major state-owned shareholder, owning around a third of the company. Xin Jie, its chairman, is taking over as Vanke's chairman. Shenzhen Metro is expected to provide increased support and state oversight to Vanke. The Shenzhen government plans to reduce Shenzhen Metro's asset-liability ratio and improve liquidity, enhancing its strengthening as Vanke’s largest shareholder.
- October 2023:
- Xin Jie became Vanke's vice chairman.
- Early 2024:
- Vanke faced a credit crisis as debt limited its ability to raise new capital and sales fell below break-even.
- End of 2024:
- Shenzhen's state-owned enterprises held assets exceeding 5 trillion yuan and annual revenue over 1 trillion yuan.
- January 2025:
- Economic Observer reported, and later removed, a claim that CEO Zhu Jiusheng was taken away by police.
- January 2025:
- Vanke's CEO and president Zhu Jiusheng resigned, citing health reasons.
- January 27, 2025:
- China Vanke Co. Ltd. announced Yu Liang has stepped down as chairman, succeeded by Xin Jie.
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