Vanke shareholder Shenzhen Metro says Xin Jie no longer serves as chairman
Shenzhen Metro, the biggest shareholder and a major financial backer of troubled property developer China Vanke, said in a filing on Wednesday that Xin Jie no longer served as its chairman. * The public transit operator did not provide any explanation for the personnel change, and said the chairman position had not been filled yet. * Xin resigned as chairman of Vanke in October last year.
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Shenzhen Metro, the biggest shareholder and a major financial backer of troubled property developer China Vanke, said in a filing on Wednesday that Xin Jie no longer served as its chairman. * The public transit operator did not provide any explanation for the personnel change, and said the chairman position had not been filled yet.
* Xin resigned as chairman of Vanke in October last year. * State-owned Shenzhen Metro reported a net loss of 37.51 billion yuan ($5.49 billion) for 2025, widening from the 33.57 billion yuan loss for the previous year, a separate filing to the Shenzhen Stock Exchange showed on Wednesday.
* Shenzhen Metro said in the filing that its 2025 loss was mainly due to Vanke's losses, which led the state-owned firm to book investment and impairment losses. * Vanke posted a net loss of about 88.6 billion yuan for 2025 and 6.0 billion yuan for the first quarter.
($1 = 6.8360 Chinese yuan renminbi)
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