Property developer China Vanke said on Monday its chairman Yu Liang and CEO Zhu Jiusheng stepped down as it forecast a record $6.2 billion net loss for 2024, as concerns over the company's liquidity deepen.

New chairman’s state-linked background sends positive signals, but company’s fate still depends on a sales recovery, an analyst says.

China Vanke Co.’s chairman and chief executive officer are both stepping down in an abrupt move after the embattled developer warned of a record 45 billion yuan ($6.2 billion) loss for 2024.

Vanke, one of the top property developers in China, is preparing for a record net loss of $6.2 billion in 2024. The company's financial woes are further exacerbated by a $4.9 billion debt due this year.

Property developer China Vanke on Monday said its chairman Yu Liang and CEO Zhu Jiusheng had resigned, amid concerns over the company's liquidity as

China Vanke faces turmoil as Chairman Yu Liang and CEO Zhu Jiusheng resign amidst a projected $6.2 billion loss for 2024, its first annual loss since 1991. Leadership transitions and financial struggles deepen investor concerns.

Xin Jie, the chairman of its major state-owned shareholder Shenzhen Metro, will become Vanke's chairman, signalling increased state oversight on expectations that the government would step in to contain non-repayment risks.

Chairman Yu Liang applied to resign due to “work adjustment reasons,” Vanke said in a filing to the Hong Kong stock exchange on Monday. He will remain as a director of the com

Top executives at China Vanke Co., a leading property developer, have announced their resignations, according to a filing with the Hong Kong stock exchange on Monday.