Xin Jie, who was regarded as the "firefighter captain" dispatched by Shenzhen state-owned assets to China Vanke Co.,Ltd., has now been missing for more than 20 days.

According to multiple media reports, Xin Jie was taken away for investigation while attending a meeting in Shenzhen on September 18, 2025. As of October 11, Xin Jie has been missing for 23 days. However, a search of China Vanke's official website shows that the company still retains his position information.

Born in 1966, Xin Jie previously worked at Shenzhen St. Regis Garden Hotel Co., Ltd., Shenzhen Great Wall Investment Holdings Co., Ltd., and Shenzhen Tianjian (Group) Co., Ltd.

On January 27, 2025, China Vanke Co.,Ltd. announced that due to work adjustments, Yu Liang had applied to resign from his position as Chairman of the Board of Directors. At the same time, the 12th meeting of the 20th Board of Directors elected Xin Jie as Chairman of the company's 20th Board of Directors.

The executives appointed alongside Xin Jie included Yu Liang, Li Feng, Hua Cui, and Li Gang, all of whom served as Executive Vice Presidents of the company, while Tian Jun served as Board Secretary.

Regarding this personnel change, China Vanke stated that due to the large projected losses in the 2024 annual performance forecast, the group faced phased liquidity difficulties. To effectively resolve risks and genuinely protect the interests of homebuyers, creditors, and investors, the Board of Directors decided to strengthen the group's operational management capabilities to better promote the group's steady operation and sustainable development. Following the resolution of the 12th meeting of the company's 20th Board of Directors, the Board announced the aforementioned personnel changes.

At China Vanke's 2024 Annual Shareholders' Meeting on June 27, 2025, Chairman Xin Jie made his first appearance in his capacity as Chairman of China Vanke's Board of Directors. Xin Jie candidly stated that China Vanke would face difficulties head-on and respond actively, expressing firm confidence. With strong support from relevant departments in Guangdong Province and Shenzhen City, as well as financial institutions, and with vigorous assistance from major shareholders, the company would seize policy opportunities, persist in using reform methods to solve development problems, resolve risks through development, mobilize all parties, fully allocate resources, and do everything possible to jointly promote the company's return to a healthy development track.

Xin Jie stated that the company's operations in 2024 indeed experienced difficulties. To effectively resolve risks, the company strengthened its operational management capabilities in January this year, with the management team working together to jointly address risks and challenges. Regarding the future, Xin Jie expressed firm confidence.

However, China Vanke's development path has not been smooth in recent years. In terms of the executive team, besides Yu Liang's resignation as China Vanke's Board Chairman mentioned above, Zhu Jiusheng resigned from his positions as company director, member of the Board's Investment and Decision Committee, President, Chief Executive Officer, and authorized representative due to health reasons, and no longer holds any position in the company. Zhu Xu resigned from his positions as Board Secretary, Company Secretary, and authorized representative due to work adjustments, but continues to work at the company.

Subsequently, on March 31, 2025, China Vanke's Board of Directors received a written resignation letter from Liu Xiao, the company's Executive Vice President and Chief Operating Officer. Due to work adjustments, Liu Xiao applied to resign from his positions as Executive Vice President and Chief Operating Officer of the company. After resigning from these positions, Liu Xiao continues to work at the company, handling strategic investment business.

Meanwhile, China Vanke's liquidity crisis has reached a point that cannot be ignored.

Financial reports show that in 2024, China Vanke achieved operating revenue of 343.18 billion yuan, down 26.3% year-on-year, with net profit attributable to listed company shareholders of approximately -49.48 billion yuan. This marks China Vanke's first annual loss since its A-share listing in 1991.

In the first half of 2025, China Vanke achieved revenue of approximately 105.323 billion yuan, down 26.23% year-on-year; net profit attributable to listed company shareholders was approximately -11.947 billion yuan; net profit attributable to listed company shareholders excluding non-recurring gains and losses was approximately -11.591 billion yuan; and net cash flow from operating activities was approximately -3.039 billion yuan.

As of June 30, 2025, China Vanke's total liabilities reached 872.988 billion yuan, with an asset-liability ratio of 73.11% and a net debt ratio of 90.38%.

As of the end of the reporting period, China Vanke's interest-bearing debt totaled 364.26 billion yuan, accounting for 30.5% of total assets. Interest-bearing debt was mainly medium and long-term debt, with interest-bearing debt due within one year amounting to 155.37 billion yuan, accounting for 42.7%; interest-bearing debt due after one year was 208.89 billion yuan, accounting for 57.3%.

Against this backdrop, China Vanke's largest shareholder, Shenzhen Metro Group Co., Ltd. (hereinafter referred to as "Shenzhen Metro Group"), has continuously provided "blood transfusions" to it.

According to the latest announcement information, on September 17, China Vanke announced that after consultation, Shenzhen Metro Group would provide loans not exceeding 2.064 billion yuan to China Vanke. As of the announcement date, Shenzhen Metro Group had cumulatively provided loans totaling 23.877 billion yuan to the company (excluding this loan). Among these, since the company held its 2024 Annual Shareholders' Meeting on June 27, 2025, Shenzhen Metro Group has provided the following funds and related arrangements in batches: new loans of 6.249 billion yuan, extended loans of 890 million yuan, new loans of 869 million yuan with asset mortgage/pledge, new loans of 1.189 billion yuan (the loan amount approved by the Board of Directors on August 5, 2025, was not more than 1.681 billion yuan), and the company provided Wanwu Cloud equity pledge as guarantee for existing loans of 1.551 billion yuan.

From performance losses to executive changes, from liquidity pressure to state-owned capital "blood transfusions," China Vanke is at a critical stage where multiple challenges intersect, and Xin Jie's disappearance undoubtedly adds another layer of uncertainty to this real estate enterprise's future. For China Vanke, how to resolve the liquidity crisis while stabilizing the management structure and market confidence will be the core issue it needs to face going forward.