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.

Property developer China Vanke said on Monday its chairman Yu Liang and CEO Zhu Jiusheng had resigned, amid concerns over the company's liquidity as it faces several debt maturity deadlines this year.

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.

The future of developer China Vanke and its $45 billion in debt were in focus on Friday after media reports alleged its CEO had been temporarily detained, deepening concerns about China's embattled property sector.

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