(Reuters) -- China Vanke, a state-backed property developer under liquidity stress, said on Monday its current chairman Xin Jie resigned on Sunday and would be replaced by Huang Liping as the incoming chairman.
Xin Jie's resignation comes less than a year after he was appointed as the chairman of the embattled firm in January. Prior to the position, he was the chairman of its major state-owned shareholder Shenzhen Metro.
Jie's election at the time signaled increased state oversight on expectations that the government would step in to contain nonrepayment risks as the developer faces several debt maturity deadlines this year.
Huang Liping currently serves as a director and a member of the audit committee of the company, having been elected as a director since June 2021. He also holds the position of general manager of Shenzhen Metro.
One of the best-known household names in China with many projects across bigger cities, Vanke is currently around a third-owned by Shenzhen Metro.
The developer, which continues to be a part of China's troubled property sector, reported a half-year loss of 12 billion yuan (around $1.7 billion) in August.
