Sou Hu Cai Jing·2025-10-13 03:37Core Viewpoint - The recent disappearance of Mr. Xin Jie, the chairman of both Shenzhen Metro Group and Vanke Group, raises concerns about the future of Vanke, which is already facing severe financial difficulties due to significant losses and debt issues [1][17]. Group 1: Company Background and Leadership Changes - Mr. Xin Jie took over as chairman of Vanke in January 2025, during a time when the company was experiencing a massive loss of 450 billion yuan [7]. - Under Xin's leadership, Vanke's management underwent significant changes, with many long-term employees being marginalized as personnel from Shenzhen Metro Group were brought in [13]. - The restructuring included three rounds of management adjustments in the first half of 2025, aimed at consolidating power and streamlining operations [13]. Group 2: Financial Situation - Vanke's financial health has deteriorated sharply, with a reported loss of nearly 500 billion yuan in 2024 and a further loss of 119.5 billion yuan in the first half of 2025 [9][15]. - As of June 2025, Vanke's short-term borrowings reached 231.46 billion yuan, with total interest-bearing liabilities amounting to 1,578.59 billion yuan [15]. - Shenzhen Metro Group has provided Vanke with a total of 259.41 billion yuan in loans, often at below-market interest rates, to alleviate liquidity pressures [11]. Group 3: Impact of Leadership on Operations - Xin Jie’s strategy involved continuous financial support from Shenzhen Metro Group, which has significantly drained the latter's resources [3][9]. - Despite the management changes and financial injections, Vanke's revenue fell by 26.23% year-on-year in the first half of 2025, indicating that the crisis remains unresolved [15].