BRIEF: Vanke Chairman Xin Jie resigns, citing personal reasons

Chinese property developer China Vanke Co. Ltd. (2202.HK; 000002.SZ) announced on Monday that its Chairman Xin Jie has resigned for personal reasons. It added the board has elected Huang Liping, general manager of Vanke’s major state-owned shareholder Shenzhen Metro Group, as the new chairman.

Xin was reportedly missing for some time before his resignation, according to financial media Caixin. His last social media post was on Sept. 14, and reports have emerged since late September that he was detained for investigation. Xin also serves as chairman and Communist Party secretary of Shenzhen Metro, Vanke’s major state-owned shareholder, though officials have yet to confirm whether he has stepped down from those positions.

Xin, 59, has long worked within Shenzhen’s state-owned enterprise system and has led Shenzhen Metro since 2017. During his tenure, he promoted a “rail + property” development model. He also oversaw Shenzhen Metro’s 66.4 billion yuan ($9.32 billion) investment in Vanke, making it the company’s largest shareholder. However, as China’s property market slumped, Shenzhen Metro’s business has weakened from 2020 onward, with the company posting a massive loss of 33.6 billion yuan in 2024.

In early 2025, Xin also took over as Vanke’s chairman to oversee its debt restructuring. Over the past eight months, Shenzhen Metro, under guidance from the Shenzhen municipal government, has injected funds into Vanke 10 times, providing nearly 26 billion yuan in loans to help the company repay debt and maintain liquidity.

Xin’s departure marks Vanke’s second chairman change in nine months. People familiar with the company said the new chairman, Huang Liping, is well acquainted with Vanke’s operations, and the leadership reshuffle is unlikely to disrupt its ongoing restructuring and risk mitigation efforts.

Following the announcement, Vanke’s stock fell 3.26% on Monday in Hong Kong to closed at HK$5.04.

By Lee Shih Ta

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