A major development has emerged regarding China Vanke Co.,Ltd. as reports indicate that Xin Jie, who serves as both Party Secretary and Chairman of Shenzhen Metro Group and Chairman of China Vanke Group, has gone missing.

According to recent reports, Xin Jie was taken away during a meeting on the 18th of last month and has been missing for 23 days as of now. This news has caused significant public attention and once again puts Vanke in the spotlight.

**Understanding the Significance**

To comprehend the weight of this sudden development, one must look back to early this year when Vanke, following massive loss forecasts and management upheavals, welcomed comprehensive intervention from the Shenzhen Metro system.

In January 2025, after senior executives including Yu Liang and Zhu Jiusheng resigned or were reassigned, Shenzhen Metro became the most visible "rescue force" behind Vanke, with Xin Jie assuming the role of Board Chairman to coordinate resources and advance restructuring efforts.

From the perspective of responsibilities and actions, Xin Jie's role carried three key dimensions:

First, he served as a bridge between politics and institutions - as both the leader of Shenzhen Metro and a senior representative of Shenzhen's state-owned asset system, responsible for connecting resource flows, timing, and boundaries between government and market.

Second, he functioned as a coordinator of capital and liquidity - during his tenure, Shenzhen Metro provided multiple targeted loans and project undertakings to Vanke, becoming one of Vanke's most important funding sources in the short term.

Third, he acted as a restructurer of organization and personnel - bringing his trusted management team into Vanke, attempting to reduce decision-making friction through relatively familiar execution chains.

The numbers speak volumes: In 2025, Shenzhen Metro's cumulative loans to Vanke reached 25.941 billion yuan, with multiple instances of funding support provided at below-market interest rates, which temporarily alleviated some of Vanke's maturity pressures.

Meanwhile, Vanke's debt structure remains heavy - company public data shows that short-term borrowings, maturing debts, and interest-bearing debt scales remained at high levels in the first half of the year, with a clear gap between cash reserves and upcoming debt repayment pressures.

Considering these two points together helps explain why Xin Jie was viewed as a "firefighter" - his mission involved both blood-transfusion-style short-term life support (funding, guarantees, project undertaking) and institutionalized long-term reorganization (personnel, governance, asset disposal).

**The Reform Impact**

Under Xin Jie's leadership as Vanke Chairman, he implemented sweeping changes with a fast, decisive, and direct approach throughout the company.

In the first half of this year, from group management to headquarters functional departments to regional city companies, Vanke underwent at least three rounds of concentrated adjustments under Xin Jie's leadership.

The previous business unit-centered structure was dismantled, regional companies were merged, functional departments were compressed, and the once layer-by-layer decentralized system was recentralized to headquarters.

Organizations were redefined, power was redistributed, and many "old Vanke people" who had worked at the company for over a decade suddenly found themselves no longer in "core roles" within the system.

Simultaneously, among newly appointed regional heads and department leaders, an increasing number came from the Shenzhen Metro system or were cadres familiar with the state-owned asset system.

In the past, such "dismantling reform" would have been nearly impossible at Vanke, but Xin Jie essentially reconstructed Vanke's management logic in a very short time.

Some said this represented Xin Jie's urgency to "de-Yu Liang-ize," while others called it a "Shenzhen Metro-ization" restructuring. Regardless of interpretation, the result was the same: Xin Jie's reforms had affected many vested interests.

**Current Achievements and Future Uncertainties**

It cannot be ignored that during Xin Jie's tenure, Vanke indeed achieved "stability."

He facilitated Shenzhen Metro's provision of over 25 billion yuan in funding support, coordinated government resources to enable smooth equity and loan transfers for some projects, while reducing costs through organizational contraction and management decentralization.

In the first half of the year, Vanke's cash flow did not collapse, debts did not trigger chain explosions, and multiple city projects resumed construction. These substantial achievements demonstrate that this "emergency rescue" was indeed effective.

However, the problem is that the firefighter has now suddenly fallen into the fire himself.

Key questions arise: With Shenzhen Metro still present but without Xin Jie, will coordination mechanisms become unbalanced? Will Xin Jie's absence lead to a tense internal atmosphere? And how should this be explained to capital markets while stabilizing various stakeholder concerns?

The larger question is whether the "reform logic" personally implemented by Xin Jie can continue. Without Xin Jie's "hard push," will Vanke slide back into compromise, delay, and consumption?

Of course, the outside world is also more concerned about who will take over Vanke's affairs after Xin Jie was taken away.