Xin Jie, the chairman of its major state-owned shareholder Shenzhen Metro, will become Vanke’s new chairman, signalling increased state oversight amid expectations that the government will step in to contain non-repayment risks.
Yu will remain in the company as executive vice president, while three other people from Shenzhen state-owned firms will join with the same title.
A state media outlet reported earlier this month that Vanke’s CEO had been detained and that the firm could be subject to a takeover or reorganisation. The report was deleted within hours of its publication.
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