Xin Jing Bao·2026-01-09 02:21Group 1 - The retirement of Yu Liang marks the end of an era in the real estate industry, transitioning from the "golden age" to the "black iron age" [1][2] - Yu Liang, who has been with Vanke since the age of 25, has held various positions including Secretary, Vice President, and President, ultimately taking over from Wang Shi in 2017 [1] - Vanke reported a net loss of 16.069 billion yuan in the third quarter of 2025, indicating ongoing financial struggles [2] Group 2 - Vanke is currently facing a critical situation regarding debt extension, with a creditors' meeting scheduled for January 21, just a week before the grace period ends on January 28 [2] - The announcement of Yu Liang's retirement did not include customary acknowledgments of his contributions, highlighting a potential shift in company culture [2]