By Tracy Qu
China Vanke, one of China's biggest property developers under financial pressure, said Chairman Xin Jie has resigned from the board, less than a year after his appointment.
Board director Huang Liping has been elected as chairman, according to a stock-exchange filing on Monday. Huang also serves as general manager of state-owned Shenzhen Metro Group, the developer's largest shareholder.
Shares of China Vanke fell 4.8% to HK$4.96 on Monday morning, compared with the benchmark Hang Seng Index's 3.5% decline.
Xin had been chairman of Shenzhen Metro when he was appointed chairman at Vanke in early 2025. It isn't clear whether Xin still holds that role at the rail operator.
Vanke has faced severe liquidity pressure in recent years as a broader slowdown persists. The developer has been relying on Shenzhen Metro for financial support, with the shareholder providing loans totaling 23.88 billion yuan, equivalent to $3.36 billion, to the company since January, Vanke said in its interim report.
China's beleaguered property sector remains under pressure despite support from policymakers. Latest industry data indicate sales continued to be soft in September for listed developers, and Citi analysts forecast October sales to fall 35% from a year earlier due to a high base, according to a note earlier this month.
Markets continue to await further stimulus measures by local governments. Some cities have rolled out cash subsidies for purchases of homes.
Vanke reported a loss of 11.95 billion yuan for the first half, widening from 9.85 billion yuan a year ago.
Write to Tracy Qu at tracy.qu@wsj.com
(END) Dow Jones Newswires
October 13, 2025 00:31 ET (04:31 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.