China Vanke’s CEO, chairman resign amid growing liquidity worries

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

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

Yu will remain in the company as executive vice president, while three other people from Shenzhen state-owned firms will join with the same title.

A state media outlet reported earlier this month that Vanke’s CEO had been detained and that the firm could be subject to a takeover or reorganisation. The report was deleted within hours of its publication.