China Vanke's Hong Kong shares climb
· 2d · on MSN
China Vanke's Hong Kong shares climb after reshuffle of top management
· 2d
Vanke’s No. 1 investor installs chairman in ailing developer to guide its way out of debt
China Vanke Shares Jump as Management Reshuffle Raises Government Bailout Hopes
Shares of China Vanke jumped after key management changes fueled hopes that the government is stepping in to rescue the troubled property developer.
Property developer China Vanke said on Monday its chairman Yu Liang and CEO Zhu Jiusheng stepped down as it forecast a record $6.2 billion net loss for 2024, as concerns over the company's liquidity deepen.
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
In the latest sign of lingering pains in China's real estate sector, Chairman Yu Liang and President and CEO Zhu Jiusheng both stepped aside due to personal reasons, the company said in filings to the stock exchanges in Hong Kong and Shenzhen.
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.
HONG KONG -- Property developer China Vanke's shares fell sharply in Hong Kong and Shenzhen on Friday, as speculation swirled over the status of its President and CEO Zhu Jiusheng.
China Vanke Co’s chairman and chief executive officer will both resign in an abrupt move after the embattled developer warned of a record 45 billion yuan ($8.34 billion) loss for 2024.
China Vanke's bonds gained on Monday after the state-backed developer said it would redeem its 2027 notes worth 1 billion yuan ($137.68 million) early in March.
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.
It was a quiet night as DeepSeek was by far the topic du jour in the region, though Mainland China (closed until next Wednesday), Indonesia (closed until Thursday), Malaysia (closed until Friday), and Taiwan (closed until next Monday) were closed for Chinese New Year while South Korea is closed until Friday for Korean New Year.
China Vanke stock surged following a management reshuffle, raising hopes for government support, though liquidity concerns persist amid the property slump.
Troubles at Vanke raise questions about the continued spread of the property crisis and whether the Chinese state will step in.
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