Vanke Chairman Taken Away During Meeting, Missing for 24 Days — 520,000 Shareholders Disheartened

Sign of Vanke is seen at a construction site in Shanghai

[People News] Xin Jie, Chairman and Party Secretary of Shenzhen Metro Group and Chairman of Vanke Group, has been missing since he was taken away from a meeting in Shenzhen on September 18, 2025. As of October 12, there has been no news about him. His disappearance—lasting 24 days—was only recently revealed. However, Vanke’s official website still lists him as “Chairman of the Group.” The news has sent shockwaves through China’s real estate and financial sectors.

On October 11, multiple Chinese self-media accounts reported Xin Jie’s disappearance. The WeChat public account “Youcai No.1” disclosed that on September 18, Xin was taken away during a meeting in Shenzhen and is now under investigation in another location. He has not returned to Vanke’s Shenzhen headquarters since.

On October 12, domestic media outlets in the real estate and finance sectors, including Sina Finance, also reported the incident.

According to public information, Xin Jie’s last public appearance was at Vanke’s shareholders’ meeting on June 27, where he stated that the integration between Shenzhen Metro and Vanke would achieve “1+1 > 2.” So far, neither Shenzhen Metro nor Vanke has issued any response, and Vanke’s website continues to list his position.

Founded in 1984, Vanke was once the benchmark and leader of China’s real estate industry, creating numerous industry legends.

In 2024, Vanke achieved revenue of over 340 billion yuan and delivered more than 180,000 housing units. However, behind the 340 billion yuan was a sharp net loss, reflecting the profit crisis facing the entire real estate sector.

According to the company’s previously released financial report, Vanke’s 2024 operating income was approximately 343.18 billion yuan, with losses reaching 49.48 billion yuan — its first annual loss since listing. Yu Liang resigned as chairman of Vanke’s board, and Zhu Jiusheng stepped down as president and CEO. On January 27 this year, Xin Jie officially took over as chairman of Vanke.

After Xin assumed control, 10 senior executives with Shenzhen state-owned backgrounds parachuted into key Vanke positions, taking over major areas from investment to finance and legal affairs, leading restructuring and financial reforms. Xin was dubbed the “State-Owned Rescuer.” Despite continuous financial infusions from Shenzhen Metro, the company has been unable to reverse its decline amid China’s overall real estate collapse.

As of early September 2025, Shenzhen Metro Group, Vanke’s largest shareholder, had provided more than 25.9 billion yuan in low-interest loans. Yet the company remains under heavy financial strain. In the first half of 2025, Vanke continued to post losses of 11.947 billion yuan, with negative operating cash flow and total liabilities reaching 872.988 billion yuan, giving it a debt ratio of 73.11%.

Shenzhen Metro Group itself is also in dire condition. Last year, it recorded a historic net loss of 33.461 billion yuan. On August 22, Shenzhen Metro released its semiannual report showing revenue down 21.67% year-on-year and net profit attributable to shareholders down about 3.36 billion yuan. Its “station-city integration” business, once its mainstay, saw revenue fall 63% year-on-year, dropping below 30% of total income for the first time. As of June, Shenzhen Metro’s total liabilities reached 479.62 billion yuan, and its debt ratio rose to 60.46%.

Speculation abounds over Xin Jie’s 24-day disappearance. Is he merely assisting in an investigation? Is it about past issues? Or has his heavy financial support to Vanke triggered accountability from higher authorities? Some analysts argue that Xin has been in charge of Vanke for less than a year—too short a time to be tied directly to its problems. Thus, his disappearance likely has other causes.

After the brief disappearance and subsequent exit of former Vanke president Zhu Jiusheng earlier this year, Xin Jie’s sudden loss of contact has further raised doubts about the stability of Vanke’s leadership, clarity of its authority transitions, and the impact on the stability of the real estate supply chain.

Market analyst “Stock Market Fisherman” noted that the situation remains highly sensitive. The market is awaiting an official response from Vanke, Shenzhen Metro Group, or the Shenzhen State-owned Assets Supervision and Administration Commission regarding Xin Jie’s disappearance. Investors are also watching closely to see whether Shenzhen Metro will further inject capital into Vanke to ease its liquidity crisis.

Some netizens lamented, “Vanke used to be our biggest reassurance — but now it’s unstable itself. Xin Jie personally approved and directed fund allocations. Now that he’s gone, will the money still come through? Will Shenzhen Metro tighten its purse strings?”

Others quipped, “It used to be ‘Shenzhen Metro saves Vanke’; now it’s ‘Who will save Shenzhen Metro’?”

The most unfortunate, however, are the 522,000 ordinary shareholders who own Vanke stock. They once believed that with state-owned backing, the stock couldn’t fall far. But now, they realize there’s no safety net — even the bottom has fallen out.

One netizen mocked the irony: “Just days before Xin was taken away, Shenzhen Metro had transferred another 2.064 billion yuan to Vanke as a ‘lifeline.’ It’s like that last ‘breakup dinner’ in a relationship — after the meal, they part ways without goodbye.”

“The only thing certain,” another wrote, “is that 522,000 investors are chilled to the bone. Tonight, none of them will sleep.”△