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 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.

SINGAPORE (Reuters) - Indebted property developer China Vanke Co Ltd is in advanced talks to sell a controlling stake in VX Logistics to Singaporean sovereign wealth fund GIC, a person with knowledge of the matter said. The financial details of the potential transaction were not immediately known. Vanke and GIC declined to comment.

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.

Property developer China Vanke's Hong Kong shares firmed on Tuesday following a change of top management that reinforced government support for the company to contain its liquidity risks. State-backed China Vanke said on Monday that Chairman Yu Liang and CEO Zhu Jiusheng have stepped down,

China Vanke, one of the country’s largest developers, cleared out its top executives and said it anticipates a $6.2 billion loss, a sign the property meltdown is still raging.

New chairman’s state-linked background sends positive signals, but company’s fate still depends on a sales recovery, an analyst says.

The CEO and chairman have stepped down as the company looks to solve "temporary liquidity difficulties", in part through the support of its largest shareholder, the state-owned Shenzhen Metro Group.