Property developer China Vanke said on Monday its chairman Yu Liang and CEO Zhu Jiusheng had resigned, amid concerns over the company's liquidity as it faces several debt maturity deadlines this year.

Indebted Chinese property giant Vanke warned Monday of a major loss last year amid a continuing market slump, while also saying its CEO was resigning due to "health reasons". Vanke has not confirmed Zhu's detention but said in a statement on Monday that he "has applied to

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.

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.