Vanke Chairman Resigns Amid Deepening Debt Crisis
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Xin Jie has been replaced by Huang Liping, general manager of Vanke’s major state-owned shareholder, Shenzhen Metro.
The chairman of Hong Kong-listed China Vanke Co. Ltd. has resigned after being out of contact for about a month.
Vanke announced in a stock exchange filing on Monday that Xin Jie had submitted his resignation for “personal reasons.” He has been replaced by Huang Liping, general manager of Vanke’s major state-owned shareholder, Shenzhen Metro Group Co. Ltd.
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- China Vanke’s chairman, Xin Jie, resigned after being unreachable for about a month; he is replaced by Huang Liping of Shenzhen Metro.
- Xin led Vanke during a severe debt crisis and arranged a 26 billion yuan bailout by Shenzhen Metro, but both companies suffered massive losses in recent years.
- The financial and leadership instability raises uncertainty about the state-led rescue, though reforms are expected to proceed under the new chairman.
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Who’s Who
- China Vanke Co. Ltd.
- China Vanke Co. Ltd. (Vanke) is an embattled property giant whose former chairman, Xin Jie, resigned for "personal reasons" after being out of contact for a month amidst rumors of an investigation. Xin was appointed in January to lead the company's turnaround from a severe debt crisis. Shenzhen Metro Group Co. Ltd., Vanke's largest state-owned shareholder, provided about 26 billion yuan in loans to help Vanke repay debts.
- Shenzhen Metro Group Co. Ltd.
- Shenzhen Metro Group Co. Ltd. is a major state-owned shareholder of China Vanke Co. Ltd. Its general manager, Huang Liping, replaced Xin Jie as Vanke's chairman. Xin Jie previously chaired Shenzhen Metro for eight years. The company's "rail + property" business model was significantly driven by Vanke's performance, experiencing substantial net profit surges and subsequent declines with the property market's downturn.
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What Happened When
- 2016：
- Shenzhen Metro's net profit was 40.6 million yuan.
- 2017：
- Xin Jie was appointed chairman and chief of the Communist Party committee of Shenzhen Metro.
- 2017：
- Shenzhen Metro became Vanke’s largest shareholder.
- 2019：
- Shenzhen Metro's net profit surged to 11.7 billion yuan, largely fueled by Vanke's contributions.
- 2020：
- China's property market entered a downturn. Xin Jie joined Vanke's board. Shenzhen Metro's net profit dropped to 11.1 billion yuan.
- 2021：
- Shenzhen Metro's net profit plunged 74% to 2.9 billion yuan.
- October 2023：
- Xin Jie was named vice chairman of Vanke.
- By 2024：
- Shenzhen Metro recorded a net loss of 33.6 billion yuan.
- January 2025：
- Xin Jie was appointed chairman of Vanke to lead restructuring.
- Before Lunar New Year 2025：
- Shenzhen government tapped Xin Jie to replace Yu Liang as Vanke's chairman.
- First half of 2025：
- Shenzhen Metro posted another loss of 3.3 billion yuan.
- As of end of June 2025：
- Shenzhen Metro's short-term borrowings and non-current liabilities due within a year climbed to 31.9 billion yuan.
- September 14, 2025：
- Xin Jie’s last social media post.
- Late September 2025：
- Rumors began in Shenzhen that Xin Jie had been taken away by authorities to assist in an investigation.
- About a month before October 13, 2025：
- Xin Jie became unreachable.
- October 13, 2025：
- Vanke announced Xin Jie's resignation and his replacement by Huang Liping.
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