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Vanke's chairman resigns amid worsening liquidity, with Huang Liping taking over as sales and profits plummet.
China Vanke announced Chairman Xin Jie’s resignation less than a year after his appointment, with Board Director Huang Liping named as his successor.
Huang, also general manager of Shenzhen Metro—the company’s largest shareholder—takes over amid ongoing liquidity struggles.
Vanke reported a first-half loss of 11.95 billion yuan, worsening from the prior year, and has relied on 23.88 billion yuan in loans from its state-backed parent since January.
The company’s shares dropped 4.8% to HK$4.96, outpacing broader market declines.
Despite government-backed home purchase subsidies, sales remain weak, with Citi forecasting a 35% year-on-year drop in October.
Markets await further stimulus as China’s property sector continues to face deep challenges.
El presidente de Vanke renuncia en medio del empeoramiento de la liquidez, con Huang Liping tomando el relevo a medida que las ventas y las ganancias caen en picado.