**China’s Real Estate Giant Vanke Group Hit by Major Earthquake**
China’s real estate giant Vanke Group has been shaken by a major earthquake. Yu Liang resigned from his position as Chairman of the Board of Directors, while Zhu Jiusheng, who was previously reported to have been taken away by the police, stepped down from all positions. The executives replacing them mainly come from the Shenzhen State-owned Assets Supervision and Administration Commission system. In addition, Vanke Group anticipates a massive loss of 45 billion yuan in 2024, with a net profit decrease of 470% year-on-year.
On January 27, Vanke Group A (000002) issued a statement announcing Zhu Jiusheng’s resignation due to “health reasons.” He stepped down from roles including director of Vanke, member of the board’s Investment and Decision-making Committee, president, CEO, and authorized representative. Yu Liang applied to resign from the position of Chairman of the Board of Directors and will continue to serve as a director, transitioning to Executive Vice President. Zhu Xu resigned from positions such as Company Secretary and authorized representative, but remains employed at the company.
As of the 27th, Yu Liang holds 7.395 million shares of Vanke Group, Zhu Jiusheng holds 196,000 shares of Vanke, and Zhu Xu holds 139,000 shares of Vanke Group.
The positions of Zhu Jiusheng, Yu Liang, and Zhu Xu have been filled by individuals with backgrounds in Shenzhen state-owned enterprises.
Xin Jie, Secretary of the Party Committee and Chairman of Shenzhen Metro Group, was appointed as the new Chairman of Vanke, replacing Yu Liang as the legal representative of the company.
Yu Liang, Li Feng, Hua Cui, and Li Gang are the company’s Executive Vice Presidents, and Tian Jun serves as the Company Secretary.
Li Feng has been a member of the Party Committee and Deputy General Manager of Shenzhen Special Zone Construction Group Co., Ltd. since March 2020. Since June 2024, he has also been a Director of Shenzhen Tianjian Group Co., Ltd.
Hua Cui has held various positions since May 2019, including Deputy Secretary of the Party Committee of Shenzhen Metro Operation Group Co., Ltd., General Manager of the Audit and Legal Center of Shenzhen Metro Group Co., Ltd., and Director, General Manager, Party Branch Secretary, and Chairman of Shenzhen Building Materials Trading Group Co., Ltd.
Li Gang has served as Director of the Office of Shenzhen Metro Group Co., Ltd. since January 2018 and Party Secretary and Chairman of Shenzhen Metro Business Management Co., Ltd. Since November 2021, he has also been a Director and Chairman of Shenzhen Ruiyin Business Management Co., Ltd.
Earlier on January 16, several Chinese media outlets reported that Zhu Jiusheng was taken away by the police on the 15th. A special working group from Shenzhen has fully intervened in Vanke, indicating a potential restructuring or takeover. In the early hours of the 17th, Zhu Jiusheng updated his WeChat moments in an attempt to dispel rumors surrounding his detention.
After trading hours on January 27, Vanke released the company’s 2024 performance forecast. The announcement stated that the net loss attributable to shareholders of the listed company is expected to be around 45 billion yuan for 2024, compared to a profit of 12.163 billion yuan for the same period last year, representing a 470% decrease.