China Vanke looks to state control in board overhaul as losses mount

China Vanke has nominated a new board entirely controlled by Shenzhen’s state-owned sector, reports Caixin. This marks the end of the embattled developer’s long-standing professional-manager system.

All six candidates for non-independent director seats on its next board come from Shenzhen’s government or state-owned enterprises, according to a company filing Friday. None are from the developer’s longtime professional-management team.

The sweeping governance overhaul comes as Vanke, once a model of China’s mixed-ownership reform, grapples with an escalating liquidity crisis and massive financial losses that forced a state-led bailout in early 2025. In a separate announcement Friday, Vanke said it expects a first-half net loss attributable to shareholders of between RMB 12 billion ($1.8 billion) and RMB 15 billion, widening from a loss of about RMB 11.95 billion a year earlier.