China Vanke Shares Jump
· 2d · on MSN
China Vanke's Hong Kong shares climb after reshuffle of top management
China Vanke Shares Jump as Management Reshuffle Raises Government Bailout Hopes
Shares of China Vanke jumped after key management changes fueled hopes that the government is stepping in to rescue the troubled property developer.
China Vanke Stock Rises After Leadership Shakeup, Raises Hope
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.
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 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.
Embattled builder China Vanke, once the second-largest Chinese developer by sales, reshuffled its management while forecasting a record US$6.2 billion net loss for 2024 as it struggles to get out from under US$4.
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.
Real estate developer says it expects $6.2bn annual loss and announces sudden resignation of chair and chief executive
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.
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.
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,
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