On Tuesday, October 14th, Chinese media reported that former Executive Director, President, and CEO of China’s real estate giant Vanke Group, Mr. Zhu Jiusheng, has been taken into compulsory measures by law enforcement. This news comes after reports surfaced three days earlier that Vanke Group Chairman, Xin Jie, was taken from a meeting venue, leading to his disappearance for more than twenty days before Vanke announced his resignation.
According to a recent report by mainland Chinese financial media on the evening of October 14th, multiple sources have confirmed that former Vanke President and CEO, Zhu Jiusheng, is now under criminal compulsory measures, with the reasons behind this action remaining undisclosed.
Back in January of this year, media had previously reported on Zhu Jiusheng being taken in for investigation, which he responded to via updating his friends circle on a social media platform. However, several industry insiders in Shenzhen noted a significant lack of updates or news regarding Zhu Jiusheng since then.
Several mainland Chinese media outlets have shared this information, with the financial media now having removed the report from its platforms.
Public information indicates that Zhu Jiusheng was born in 1969. He worked at China Construction Bank Shenzhen Branch from 1993 to 2012 before joining Vanke in 2012. On January 31, 2018, he was appointed as the President and CEO of Vanke by the board of directors. In January 23, 2022, Vanke announced Zhu Jiusheng’s appointment as the Chief Partner of the Long-term Apartment Business Unit, and in June 30, 2023, he was elected as a board member.
In January 2025, Zhu Jiusheng resigned from all positions within Vanke. On January 27th of the same year, Vanke announced that Zhu Jiusheng resigned from his roles due to “health reasons,” relinquishing positions such as company director, member of the board’s Investment and Decision Making Committee, President, CEO, and authorized representative. Other executives also stepped down from their roles within the company.
During this period, Vanke experienced significant historical losses. By the end of 2024, Vanke’s interest-bearing debts amounted to 361.28 billion yuan, with short-term debts increasing to 158.28 billion yuan within a year, accounting for 43.8%.
Chinese expert Wang He commented to Epoch Times that Vanke’s troubles did not arise recently but date back to 2018 when the company signaled the need to “survive” amidst a property market bubble. He suggested that Zhu Jiusheng’s appointment as President and CEO back in 2018 indicated his involvement in managing the crisis.
Shenzhen Metro Group acquired a majority stake in Vanke through equity acquisition in 2016, becoming its largest shareholder. In January 2025, individuals with backgrounds in Shenzhen state-owned enterprises replaced Zhu Jiusheng, Yu Liang, and Zhu Xu in their positions within Vanke. Xin Jie, Secretary of the Party Committee and Chairman of Shenzhen Metro Group, was appointed as Vanke’s Chairman, leading to organizational shifts within the company.
Shenzhen Metro Group, as Vanke’s major shareholder, has been continuously supporting Vanke financially, providing multiple loans and driving organizational restructuring within Vanke. Xin Jie is regarded as the “firefighting captain” sent by Shenzhen state-owned enterprises to Vanke.
Public reports show that Shenzhen Metro Group has provided loans totaling 25.941 billion yuan to Vanke this year alone. In September 2025, Vanke borrowed an additional 2.064 billion yuan from Shenzhen Metro Group.
Of note, news emerged last Saturday, October 11th, regarding Xin Jie’s disappearance. According to reports from various self-media outlets such as the “Earth Building Research Institute,” Xin Jie was taken in for investigation during a conference in Shenzhen on September 18th. Mainland media began reporting on this incident on the 12th.
On Monday, October 13th, Vanke Group released a statement on the Hong Kong Stock Exchange, announcing Xin Jie’s written resignation from his position as Chairman, effective October 12, 2025. Xin Jie cited personal reasons for resigning as a non-executive director and Chairman, relinquishing all positions within the company.
Commenting on Xin Jie’s resignation as Vanke Chairman followed by Zhu Jiusheng’s legal measures, Wang He remarked, “Xin Jie’s issues now are likely intertwined with Zhu Jiusheng. The involvement of second-generation reds, state-owned enterprises, finance, and local governments confirms once again that real estate is one of China’s dirtiest industries.”