China Vanke Co.’s recently appointed chairman has resigned from the role, in another blow to the embattled developer facing liquidity challenges, reports Bloomberg. Xin Jie, who stepped in the chairman role amid an abrupt management overhaul in January, has applied to resign from positions including the chairman, the developer said in an exchange filing to the Hong Kong stock exchange Monday. Xin’s resignation is due to personal reasons, according to the filing.
Vanke also elected Huang Liping, deputy party chief and general manager at Shenzhen Metro, and as the chairman. Huang has served as a board member at Vanke since 2021.
The surprise twist threatens to further cloud the outlook of Vanke, whose financial position is already vulnerable ahead of a wall of onshore debt maturities. Vanke has been relying on steady liquidity support from its largest state-owned shareholder, Shenzhen Metro Group Co., which Xin has led as chairman for the past eight years.