China Vanke's CEO, chairman resign as $6.2 billion forecast loss deepens concerns

HONG KONG (Reuters) -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. 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 as the developer faces several debt maturity deadlines this year. Yu will remain at the company as executive vice president, while three others from Shenzhen state-owned firms will join in the same role.