(Yicai) Jan. 9 -- China Vanke’s former Chairman Yu Liang has resigned from all of his positions at the troubled Chinese property developer after 35 years of service.

Yu, 61, submitted a resignation letter to Vanke’s board on Jan. 8, stepping down from his positions as director and executive vice president after reaching retirement age, the Shenzhen-based firm announced yesterday. His resignation took effect immediately.

Yu joined Vanke in 1990 after graduating from Peking University. He began his career in the securities affairs department, where he built the company’s financial system and drove its rapid expansion. Named president in 2001 and chairman in 2017, he owns 7.4 million Vanke shares.

During his tenure as chairman, Vanke’s net profit peaked at CNY41.5 billion (USD5.7 billion) in 2020. Profitability plummeted after 2021 amid a market downturn, weak sales, and the drag from earlier high-priced land acquisitions. In 2024, Vanke posted a net loss of CNY49.5 billion, its first annual loss since listing in 1991.

Yu stepped down as chairman in January 2025, but remained executive vice president, with responsibility for corporate strategy and macro-level real estate research. He was succeeded by Xin Jie, chair of Shenzhen Metro Group, Vanke’s largest shareholder. Xin was replaced last October by Huang Liping, general manager at Shenzhen Metro.

Last month, Vanke failed to secure creditor approval to roll over two medium-term bonds totaling CNY5.7 billion (USD816 million), after extension proposals fell short of the required support threshold. Bondholders did agree to extend the grace periods on both notes by one month, giving the firm more time to negotiate repayment and avoid default.

In the January to September of 2025, Vanke’s revenue fell 27 percent to CNY161.4 billion (USD23.1 billion) from a year earlier, while its net loss widened 56 percent to CNY28 billion. As of Sept. 30, the company had total interest-bearing debt of CNY362.9 billion, including CNY151.4 billion due within one year.

Vanke’s shares [SHE: 000002] closed up 1.2 percent at CNY4.96 (71 US cents) each in Shenzhen today. Its Hong Kong-listed stock [HKG: 2202] was trading 0.3 percent lower at HKD3.49 (48 US cents) as of 3.49 p.m.

Editor: Futura Costaglione