16th January 2025 – (Beijing) Zhu Jiusheng, the CEO of Vanke, one of China’s largest property firms, has reportedly been “taken away” by public security authorities, according to the Economic Observer.
Vanke, which is partially owned by the Shenzhen government, ranked as the fourth-largest real estate firm in China by sales last year, as noted by research firm CRIC. However, the company has recently faced significant financial challenges, posting a net loss of 9.9 billion yuan (approximately US$1.35 billion) in the first half of 2024, driven by a steep decline in home sales.
While the Economic Observer cited multiple sources regarding Zhu’s situation, it did not clarify whether he had been formally detained or what specific allegations he might be facing. Attempts to reach Zhu and his associates for comment have reportedly gone unanswered.
Vanke’s troubles are emblematic of a broader debt crisis affecting China’s real estate sector, which has left many developers in precarious financial positions. In September, Moody’s downgraded Vanke’s credit rating to B1, indicating that the firm is now considered “highly speculative.”
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