Former China Vanke CEO Faces Criminal Investigation

Zhu Jiusheng, former CEO of China Vanke, is under criminal investigation. After a tenure beginning in 2012 and becoming CEO in 2018, he resigned in January. Reports suggest possible government takeover of China Vanke due to financial troubles.

In a surprising development, Zhu Jiusheng, the former CEO of real estate giant China Vanke, is now under criminal investigation, according to reports from Yicai, a Chinese media outlet. The nature of the measures against him remains undisclosed.

Zhu, who had served at China Vanke since 2012 and took on the role of CEO in 2018, resigned from his position in late January. His sudden departure coincided with alarming media reports alleging his detention by public security authorities.

Further complicating matters, there are ongoing rumors about a potential government-led takeover and reorganization of China Vanke, prompted by the company's looming financial difficulties. This situation raises questions about the future stability of one of China's significant property developers.

(With inputs from agencies.)