Vanke’s Yu Liang Bows Out as Property Giant Fights for Survival
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Yu Liang. Photo: VCG
Yu Liang, a longtime executive at China Vanke Co. Ltd., has officially stepped down, marking the conclusion of a gradual exit from the developer’s top ranks as it grapples with a mounting debt crisis.
The Shenzhen- and Hong Kong-listed property firm said Thursday that Yu, 60, resigned as executive vice president and board director upon reaching retirement age. His resignation took immediate effect, and he no longer holds any position at the company, according to a regulatory filing.
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- Yu Liang resigned as China Vanke’s executive vice president and board director in late 2025 upon reaching retirement age, ending over three decades at the firm.
- Vanke faces a debt crisis with 36 billion yuan due in 2025 and relies on Shenzhen Metro for liquidity, but support narrowed after November 2025.
- Leadership instability persists; after Yu and Xin Jie stepped down, Huang Liping from Shenzhen Metro became chairman amid ongoing industry challenges.
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Who’s Who
- Vanke
- Vanke is a Shenzhen- and Hong Kong-listed Chinese property firm currently facing a significant debt crisis. Its long-time executive, Yu Liang, recently retired, marking the end of an era driven by professional managers. Control has shifted towards its state-owned majority shareholder, Shenzhen Metro Group, as Vanke struggles to avoid default. The company is actively seeking maturity extensions on several bonds.
- Shenzhen Metro Group
- Shenzhen Metro Group is the state-owned majority shareholder of China Vanke Co. Ltd. It injected 31.5 billion yuan in liquidity into Vanke to help it manage a debt crisis and has seen its control over Vanke increase. Shenzhen Metro's general manager, Huang Liping, now serves as Vanke's legal representative and chairman.
- Baoneng Group
- Baoneng Group is a private conglomerate that attempted a hostile takeover of China Vanke Co. Ltd. in 2015. This event was a significant internal power struggle that Yu Liang, a longtime executive at Vanke, had to navigate during his tenure.
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What Happened When
- 2015：
- Yu Liang weathered a hostile takeover attempt by Baoneng Group.
- Late 2023：
- Vanke faced a liquidity crunch and increasing financial pressures.
- By 2025：
- Vanke needed to repay more than 36 billion yuan in public debt.
- Since January 2025：
- Yu Liang stepped down as chairman, handing the role to Xin Jie.
- After January 2025：
- Yu Liang served as executive vice president, focusing on strategic and real estate research, and gradually withdrew from core operations.
- After Xin's appointment as chairman in January 2025：
- Shenzhen Metro Group injected 31.5 billion yuan in liquidity into Vanke.
- Late 2025：
- Yu Liang submitted his resignation from China Vanke.
- October 2025：
- Xin Jie resigned as chairman of Vanke and was succeeded by Huang Liping.
- November 2025：
- Shenzhen Metro abruptly capped its lending support to Vanke.
- 2026：
- Yu Liang stopped chronicling his annual New Year’s runs on social media.
- 2026-01-08：
- China Vanke announced that Yu Liang resigned as executive vice president and board director, effective immediately.
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