Vanke Group completed its board of directors transition at an extraordinary shareholders' meeting on July 31, electing Xu Enli as the new chairman while Huang Yu continues as president. The leadership change marks a new chapter for China's once-largest developer as it deepens its risk-resolution efforts.
A New Leadership Team
Xu Enli, 51, brings deep experience from the Shenzhen state-owned enterprise system, having previously served as deputy general manager of Shenzhen SEZ Construction and Development Group and chairman of Shenzhen Expressway. He played a key role in the landmark WanZhong New City mega-project developed jointly with Vanke.
The new board includes several directors with Shenzhen state capital backgrounds, reflecting the deepening involvement of major shareholder Shenzhen Metro Group in the company's governance. Shenzhen Metro chairman Huang Liping said the new board faces severe challenges but expressed confidence in its ability to set strategy, make decisions, and prevent risks.
Loss Control Is the Core Goal
Vanke expects a net loss of 12 billion to 15 billion yuan attributable to shareholders for the first half of 2026, according to the company's profit warning. Management acknowledged at the shareholders' meeting that the operating situation remains severe and has established "loss control and loss reduction" as the core operational objective for 2026.
"We will firmly implement our main responsibilities as the company, coordinate short-term risk mitigation with long-term operational optimization, and actively explore diversified market-based solutions for debt resolution," President Huang Yu said.
Debt Optimization Continues
Since late November 2025, Vanke has initiated extensions on ten bond issues. The company recently added collateral for its "23 Vanke MTN002" medium-term note by pledging 1.2 billion yuan of receivables, providing bondholders with first-priority security interests.
Fitch Ratings noted that Vanke's cash position of 55 billion yuan as of end-March compares with 168 billion yuan of debt maturing within one year, underscoring the scale of the refinancing challenge ahead.