China surname Co. recently appointed chairman resigned from the role, in another battle for the broken developer facing liquidity challenges. Xin Jie, who entered the chairman’s role in January, applied in January to resign from posts, including the chairman, the developer said in an exchange at the Hong Kong Stock Exchange on Monday. According to filing, Xin’s resignation is due to personal reasons. Vanke also prefers Huang Liping, Deputy Party Chief and General Manager at Shenzhen Metro, and chairman. Huang has served as a board member since 2021. The surprise turn threatens to further cloud the outlook, whose financial position is already vulnerable before a wall of the country debt decay. From relying on steady liquidity support from its largest state shareholder, Shenzhen Metro Group Co., who has led Xin as chairman for the past eight years. Xin, 59, spent most of his career in state -run firms in southern Shenzhen City. He obtained a bachelor’s degree of engineering at a university in the industrial city of Shenyang in the 1980s, when China’s economy was in the early stages of the opening. After working in a variety of sectors in Shenzhen – ranging from foreign trade to hotels – Xin joined the city’s construction firm Shenzhen Tagen Group in 2009, where he later adopted the chairman. Xin has been appointed chairman of Shenzhen Metro, the city-controlled transit firm, since the end of 2017. Just before its appointment, the company became of the largest shareholder after a bitter ownership struggle. In January, Xin takes over as chairman of Yu Liang in the midst of the firm’s reinforcing losses. Once China’s largest developer has become the latest flashlight in the country’s long -standing property, which underlines the severity of the sector’s challenges. Vanity reported a loss of 11.95 billion yuan in the first half, which expanded a year before. Fitch ratings also downgraded its long-term issuer score to CCC in August, reflecting in China’s liquidity. This year, Shenzhen Metro offered multiple loans of about 23.9 billion Yuan, according to Vanke’s interim report. The loans are all earmarked to help repay the head and interest on public issues. In September, it said it would get a loan of as much as 2.06 billion Yuan from Shenzhen Metro. “Vanke’s strong relationship with the state and the sale of assets may be the key to addressing the financing gap,” Bloomberg Intelligence analysts wrote Daniel Fan and Hui Yen Tay in a recent report. © 2025 Bloomberg MP This article was generated from an automatic news agency feed without edits to text.
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