China Vanke's top executives step down as $6.2bn net loss looms

Shenzhen Metro chairman to double as head of ailing property developer

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A China Vanke sign at a construction site in Shanghai. Like its peers, the developer faces heavy pressure in a slumping real estate market. © Reuters

STELLA YIFAN XIE and KENJI KAWASE

January 27, 2025 20:03 JST

Updated on January 27, 2025 20:29 JST

HONG KONG -- China Vanke Group on Monday announced the resignations of its top two executives, with immediate effect, as the property developer warned of steep losses for last year.

In the latest sign of lingering pains in China's real estate sector, Chairman Yu Liang and President and CEO Zhu Jiusheng both stepped aside due to personal reasons, the company said in filings to the stock exchanges in Hong Kong and Shenzhen.