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.

The future of developer China Vanke and its $45 billion in debt were in focus on Friday after media reports alleged its CEO had been temporarily detained, deepening concerns about China's embattled property sector.

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

Vanke's announcement boosted investor confidence on its ability to repay its near-term financial debt, including a 3 billion yuan onshore bond due on Monday. Unlike the redemption of the 2027 notes, the company is not required to make a disclosure on Monday's repayment.

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.

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.

Companies have traditionally given staffers lai see packets on the first working day of the Lunar New Year As Hong Kong's workers return to their desks on Monday after a long holiday break, many large banks and financial firms are offering them millions of dollars in lai see,

The Hong Kong Monetary Authority left its base rate unchanged at 4.75% on Thursday, tracking a move by the U.S. Federal Reserve to keep rates steady.

China Vanke Co has received a lifeline by state authorities, a rare show of support that signals the developer is too big to fail even as dozens of property firms default amid China’s punishing housing slump.

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.