Sou Hu Cai Jing·2025-10-13 01:03Core Viewpoint - Vanke's chairman, Xin Jie, has submitted his resignation due to personal reasons, leading to a significant management reshuffle amid the company's financial struggles and high debt pressure [1][4][6]. Group 1: Management Changes - Xin Jie will resign as non-executive director and chairman effective October 12, 2025, and will no longer hold any position within the company [1]. - Huang Liping has been elected as the new chairman, with his term lasting until the end of the current board's tenure [1]. - The management overhaul began in early 2025, with Xin Jie taking over as chairman and a wave of executives from Shenzhen State-owned Assets Management entering key positions [4][6]. Group 2: Financial Performance - Vanke is facing a severe liquidity crisis, with a projected loss of approximately 450 billion yuan for 2024, marking it as the largest loss reported by a listed company in A-shares [6]. - The company has a significant debt burden, with 162 billion yuan of interest-bearing debt maturing within a year, while cash reserves stand at only 88.2 billion yuan [5]. - In the first half of 2025, Vanke reported a revenue of 105.32 billion yuan, a year-on-year decline of 26.23%, and a net loss of approximately 11.95 billion yuan [8]. Group 3: Support from Major Shareholder - Shenzhen Metro Group, Vanke's largest shareholder with a 27.18% stake, has provided substantial financial support, totaling 24.37 billion yuan in loans to Vanke [8]. - The financial assistance from Shenzhen Metro Group is seen as a temporary measure to alleviate immediate financial pressures, rather than a long-term solution [8].