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

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.

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.

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.

The CEO and chairman have stepped down as the company looks to solve "temporary liquidity difficulties", in part through the support of its largest shareholder, the state-owned Shenzhen Metro Group.

China Vanke's bonds gained on Monday after the state-backed developer said it would redeem its 2027 notes worth 1 billion yuan ($137.68 million) early in March.

Real estate developer says it expects $6.2bn annual loss and announces sudden resignation of chair and chief executive

China’s economy expanded by 5.4 per cent in the fourth quarter year on year, the National Bureau of Statistics said on Friday.

Indebted Chinese property giant Vanke warned Monday of a major loss last year amid a continuing market slump, while also saying its CEO was resigning due to "health reasons".Vanke has not confirmed Zhu's detention but said in a statement on Monday that he "has applied to

By Alexandra Stevenson Reporting from Hong Kong China Vanke, one of China’s largest property developers, said on Monday that its top executives were stepping down and warned of a $6.2 billion ...

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