Chinese real estate giant Vanke is in crisis, with its executive vice president, Yu Liang, resigning in early January and reportedly under investigation. The company’s founder, Wang Shi, was rumored to have gone missing as well, but he recently updated his social media account, seemingly dispelling the rumors.
According to the Chinese media Daily Economic News on February 1, Wang Shi recently updated his WeChat Moments and video page with the latest updates, possibly in response to the rumors of his disappearance.
In the cycling video he posted, Wang Shi specifically marked the date as January 30, where he cycled 14.44 kilometers in Maluan Mountain, Shenzhen, taking two hours to complete the ride.
He also posted on his Moments: “Reality and Magic (02) January 30 morning, Shenshi Group’s team building – 20 kilometers of road/mountain biking?? The phone was in the back pocket of the cycling suit, vibrating uncontrollably as I rode, paying no attention?? After finishing the trip, drenched in sweat, how refreshing! Opening my phone, oh, so many texts from my buddies! Simple inquiries: Where are you?! Understand, being remembered by old friends, thank you!”
Vanke announced on January 8 that Yu Liang retired due to reaching retirement age and submitted a written resignation to the board of directors on the same day, resigning from the positions of director and executive vice president, and not holding any position in Vanke after his resignation. By January 28, Chinese media pointed out that Yu Liang had been missing for half a month and might be under investigation. Subsequently, rumors started circulating that Wang Shi was also missing.
Former Vanke president Zhu Jiusheng resigned from the presidency in January last year, and in October, it was reported by the media that he had been subjected to compulsory measures.
Vanke announced its 2025 performance forecast on January 30, expecting a net loss of approximately 82 billion yuan (RMB) in 2025, compared to a loss of approximately 49.478 billion yuan in the same period the previous year.
Against the backdrop of the continued downturn in the Chinese real estate market, Vanke is currently burdened with around 50 billion US dollars in high debt. Vanke was close to the edge of default at the end of last year and planned to convene a creditors’ meeting for the extension of two bonds totaling 5.7 billion yuan on January 21 this year. The first round of voting may not have been fully passed, but it was eventually approved on January 27. This has given Vanke breathing space in the first quarter of this year.