The chairman of embattled China Vanke has abruptly stepped down after being appointed early this year, in another blow to the debt-laden property developer.

Vanke’s board of directors received a resignation letter from Xin Jie on Sunday. Xin applied to resign as chairman and non-executive director, and would no longer hold any position in the company after his resignation, the developer said in a filing to the Hong Kong stock exchange on Monday.

Xin, who has a state-linked background, was appointed in January after Shenzhen-based Vanke, once the second-largest Chinese developer by sales, reshuffled its management amid heavy losses. The net loss stood at 11.95 billion yuan (US$1.67 billion) in the first half of 2025, down 21.3 per cent year on year. The developer had 641 billion yuan in liabilities, according to its interim result released in September.

Xin is also the chairman of state-owned Shenzhen Metro Group, the developer’s largest shareholder, with a 27.2 per cent stake.

China Vanke, once among the country’s biggest developers, is a casualty of a campaign in 2020 to curb excessive borrowing by property companies and cool an overheated housing market. Photo: AFPThe news boosted Vanke’s bonds as it sent positive signals about its ability to pay its debts after a bond sell-off triggered ratings downgrades from Fitch Ratings and S&P Global in January.