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.

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.

New chairman’s state-linked background sends positive signals, but company’s fate still depends on a sales recovery, an analyst says.

Xin Jie, the chairman of its major state-owned shareholder Shenzhen Metro, will become Vanke's chairman, signalling increased state oversight on expectations that the government would step in to contain non-repayment risks.