The Hong Kong-listed shares of property developer China Vanke plunged more than 8% on Friday after state media reported that authorities had detained its chief executive. A Shenzhen government task force has stepped in to oversee operations at the state-backed developer,

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.

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.

Vanke's announcement boosted investor confidence on its ability to repay its near-term financial debt, including a 3 billion yuan onshore bond due on Monday. Unlike the redemption of the 2027 notes, the company is not required to make a disclosure on Monday's repayment.

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.

Embattled builder China Vanke, once the second-largest Chinese developer by sales, reshuffled its management while forecasting a record US$6.2 billion net loss for 2024 as it struggles to get out from under US$4.

China Vanke Co’s chairman and chief executive officer will both resign in an abrupt move after the embattled developer warned of a record 45 billion yuan ($8.34 billion) loss for 2024.

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 ...

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.