China Vanke Co. has been thrown a lifeline by state authorities, a rare show of support that signals the developer may be too big to fail even after dozens of property firms defaulted amid China’s punishing housing slump.

Property developer China Vanke said on Monday its chairman Yu Liang and CEO Zhu Jiusheng had resigned, amid growing concerns over the company's liquidity as it faces several debt maturity deadlines this year.

Property developer China Vanke said on Monday its chairman Yu Liang and CEO Zhu Jiusheng stepped down as it forecast a record $6.2 billion net loss for 2024, as concerns over the company's liquidity deepen.

Property developer China Vanke on Monday said its chairman Yu Liang and CEO Zhu Jiusheng had resigned, amid concerns over the company's liquidity as

China Vanke Co.’s chairman and chief executive officer are both stepping down in an abrupt move after the embattled developer warned of a record 45 billion yuan ($6.2 billion) loss for 2024.

Chinese officials are taking steps to stabilize operations at China Vanke Co. after deepening liquidity stress and questions surrounding the whereabouts of its top executive triggered turmoil for its bonds and shares last week,

China Vanke Co has received a lifeline by state authorities, a rare show of support that signals the developer is too big to fail even as dozens of property firms default amid China’s punishing housing slump.

Xin Jie, the chairman of its major state-owned shareholder Shenzhen Metro, will become Vanke's chairman, signalling increased state oversight on expectations that the government would step in to contain non-repayment risks.

Train and bus stations saw a surge in crowds as people continued to arrive for the festival, although some devotees remained nervous after the deadly crush.

As the Chinese people are celebrating the Spring Festival, or the Chinese Lunar New Year, they have been joined this year by an increased number of foreign tourists, who have come to experience Chinese culture following the implementation of a new visa-free transit policy.

It was a quiet night as DeepSeek was by far the topic du jour in the region, though Mainland China (closed until next Wednesday), Indonesia (closed until Thursday), Malaysia (closed until Friday), and Taiwan (closed until next Monday) were closed for Chinese New Year while South Korea is closed until Friday for Korean New Year.