Core Viewpoint - The resignation of Yu Liang marks the end of a significant 35-year career at Vanke, with his departure expected to have no immediate impact on the company's operations or board functions [2]. Group 1: Career and Contributions - Yu Liang, born in 1965, has held various key positions at Vanke since joining in 1990, including CEO and Chairman, and has been instrumental in transforming Vanke from a regional player to a leading national real estate company with revenues reaching 700 billion [3]. - Under Yu's leadership, Vanke achieved its "Thousand Billion Plan" ahead of schedule in 2010, becoming the first Chinese real estate company to surpass annual sales of 100 billion [3]. - By 2020, Vanke's contract sales peaked at 704.15 billion, showcasing the company's growth trajectory during Yu's tenure [3]. Group 2: Industry Insights and Strategic Shifts - Yu Liang is recognized for his foresight regarding industry cycles, coining terms like "Silver Era" and "Survive" to guide Vanke's strategic direction amidst changing market conditions [4]. - His predictions have influenced Vanke's transition towards a "development + operation + service" model, providing critical insights for the broader industry [4]. Group 3: Challenges and Market Position - Despite Yu's strategic foresight, Vanke faced challenges in executing its strategies, leading to a significant lag in growth compared to competitors like Evergrande and Country Garden during the "Silver Era" [6]. - Vanke's high land acquisition costs from 2019 to 2021 have become a burden as the real estate market entered a downturn, contributing to a projected loss of nearly 50 billion in 2024, marking the company's first annual loss since its inception [6]. - As Yu departs, Vanke is experiencing its most severe challenges, with ongoing liquidity issues and credit rating downgrades, raising questions about the company's future and its ability to navigate the real estate cycle [6].