Chief Executive Officer Zhu Jiusheng is also stepping down, citing “health reasons.” He will no longer hold any positions at the company.
China Vanke Co’s chairman and chief executive officer will both resign in an abrupt move after the embattled developer warned of a record 45 billion yuan ($8.34 billion) loss for 2024.
Chairman Yu Liang applied to resign due to “work adjustment reasons,” but will remain as a director of the company, Vanke said in a filing to the Hong Kong stock exchange on Monday.
