Yu Liang Steps Down as Vanke's Legal Representative, Huang Liping Takes Over

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According to Tianyancha App, recently, Vanke Co., Ltd. (hereinafter referred to as “Vanke A,” 000002.SZ) underwent a business registration change, with Yu Liang stepping down as the legal representative and Huang Liping taking over.

Public information shows that Huang Liping has served as a Vanke director since June 2021 and will succeed Xin Jie as chairman in October 2025. He is currently the Deputy Party Secretary, Director, and General Manager of Shenzhen Metro Group, and a senior engineer with a professor-level title.

On the evening of January 8, Vanke A announced that Yu Liang had submitted a written resignation to the board of directors due to reaching retirement age, requesting to resign from his positions as director and executive vice president. After resigning from these roles, Yu Liang will no longer hold any position in the company.

The announcement states that, according to the Articles of Association of Vanke Co., Ltd. and other regulations, Yu Liang’s resignation takes effect upon delivery to the board of directors. Yu Liang has confirmed that he has no disagreements with the board and that there are no other matters requiring attention from shareholders, creditors, the Shenzhen Stock Exchange, or the Hong Kong Exchanges and Clearing Limited. His resignation will not cause the company’s board to have fewer than the legal number of members, nor will it affect the normal operation of the board or daily business. The board will complete the election of new directors as soon as possible following legal procedures.

As of the date of this announcement, Yu Liang holds 7,394,945 shares of the company. Based on Vanke A’s closing price of 4.9 yuan per share on January 8, these shares are worth over 36 million yuan.

Yu Liang is a founding veteran of Vanke, having served the company for 36 years. According to Vanke’s official website, Yu Liang was born in Jiangsu in 1965, graduated from Peking University’s Department of International Economics in 1988 with a bachelor’s degree, and earned a master’s degree in economics from Peking University in 1997. He joined Vanke in 1990, served as the company’s secretary in 1992, became a director in 1994, was appointed Vice President of Vanke Co., Ltd. in 1996, and in 1999, became the company’s Executive Vice President and CFO. In 2001, he was appointed General Manager (President) of the company.

As early as 2004, when sales were only 9.16 billion yuan, Vanke boldly launched the “Ten-Year Billion-Yuan Plan.” By December 2010, Vanke had completed its billion-yuan sales target four years ahead of schedule, with sales reaching 1,081.6 billion yuan, becoming China’s first real estate company to surpass 1 trillion yuan in sales. Subsequently, from 2015 to 2017, Vanke experienced the sensational “Bao-Wan Dispute” and equity crisis in the capital market. Yu Liang and Wang Shi jointly introduced Shenzhen Metro as a strategic investor, stabilizing control through mixed-ownership reform. After the “Bao-Wan Dispute,” founder Wang Shi withdrew from Vanke’s board.

In 2017, Yu Liang officially took over as Chairman of Vanke’s board, also serving as President and CEO, ushering in the Yu Liang era.

Between 2017 and 2018, Vanke’s sales successively exceeded 500 billion and 600 billion yuan, maintaining the industry’s number one position for several years. In 2018, during a quarterly meeting of Vanke’s Southern Region, Yu Liang sounded the alarm, proposing “Survive.” Starting in the second half of 2021, the real estate industry entered a deep adjustment, and Vanke faced unprecedented operational pressure. At the 2021 annual performance meeting, Yu Liang publicly apologized for declining net profit: “Vanke’s performance in 2021 was disappointing and let shareholders down. I apologize to all shareholders.” In the following years, Vanke’s financial pressure increased, with net profit attributable to shareholders in 2024 falling to a record -49.478 billion yuan.

Vanke is projected to lose 82 billion yuan in 2025, a 65.7% increase from 2024’s loss, again setting a record for losses among A-share listed real estate companies. Notably, 24 real estate companies have projected losses exceeding 1 billion yuan in 2025, including some with central or state-owned enterprise backgrounds.

Since 2025, Vanke’s largest shareholder, Shenzhen Metro Group, has provided multiple “blood transfusions.” As of January 8, the group had provided unsecured/pledged guarantee loans totaling 20.373 billion yuan, with actual withdrawals of 19.71 billion yuan. The total principal and interest under this agreement are expected not to exceed 23.691 billion yuan.

Tianyancha data shows that as of March 23, Vanke had 15 instances of equity freeze information. According to incomplete statistics from Jiemian News, the frozen equity amounts to nearly 3 billion yuan. The most recent freeze was on March 10, involving Suzhou Vanke Enterprise Co., Ltd., with over 35 million yuan frozen for three years, enforced by Shenyang Shenhe District People’s Court.

At the Vanke special shareholders’ meeting held last November, Chairman Huang Liping stated, “During the transition from old to new development models in real estate, we must digest the burdens accumulated during the ‘three-high’ phase. There will inevitably be a painful period, and the company faces severe challenges, with ongoing pressure on performance. We need to gather wisdom and strength, work together, maintain firm confidence, and be patient.”

“As a major shareholder, Shenzhen Metro Group will continue to support Vanke’s healthy development according to market-oriented and legal principles, working with all parties to help Vanke orderly resolve risks and return to a healthy growth track,” he said.

As of the morning close on March 23, Vanke A’s stock price fell 4.61% to 4.14 yuan per share, with a total market value of about 46.1 billion yuan.