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The story of Yu Liang. Wang Lin On the evening of January 8, 2026, a retirement announcement from China Vanke arrived with startling abruptness. "Due to reaching retirement age, Mr. Yu Liang submitted a written resignation letter to the board of directors on January 8, 2026, applying to resign from his positions as director and executive vice president. Following his resignation from the aforementioned posts, Mr. Yu Liang will no longer hold any position within the company." There was no retrospective of achievements, no warm words of gratitude; only the age of 60 marked the conclusion of this legendary professional manager's 35-year career at Vanke, drawing a final line under his tenure.
This helmsman, who once urged the company to "survive," was the first to predict the industry's shift from a golden to a silver and then a black iron era. He steered Vanke from 3 billion yuan in sales to a peak of 700 billion yuan. Yet, ultimately, he could not guide the enterprise through the winter. His 35 years at Vanke are etched with both the merit of breaking through adversity and the regret of failing to reverse a decline, mirroring the tumultuous rise and fall of China's real estate sector.
A Promising Start Rewind to 1984: 33-year-old Wang Shi founded the predecessor of Vanke in Shenzhen, accumulating its first pot of gold through import-export trade in items like electrical appliances. In 1988, Vanke completed its shareholding reform. Wang Shi voluntarily renounced his personal equity, establishing a shareholding structure based on the "separation of ownership and management control." This bold move planted the seeds for Vanke's standardized development but also sowed the seeds for future equity disputes. That same year, Vanke formally entered the real estate market, becoming one of the earliest companies in China to engage in the industry.
In 1990, amidst Shenzhen's entrepreneurial fervor, 25-year-old Yu Liang, clutching his Peking University diploma in International Economics, quit his secure job at Shenzhen Foreign Trade Group and knocked on Vanke's door. At the time, Vanke was just extricating itself from a period of diversification and was focusing fully on a specialized transition into real estate. Yu Liang's financial expertise perfectly matched the company's need for standardization. Starting as a securities affairs specialist, he quickly demonstrated his sharp capabilities.
Within two years of joining, Yu Liang led Vanke's B-share listing, raising 4.5 billion Hong Kong dollars. These funds became the crucial lifeline for Vanke's nationwide expansion and solidified his standing within the company. In 1994, the "Junwan Dispute" erupted when Junan Securities, allied with other shareholders, launched an attack aiming to reorganize the board. The young Yu Liang played a deep role in resolving the crisis through precise financial control and a steady response, subsequently securing a place on the board of directors and officially entering Vanke's core leadership circle.
In 1999, the 48-year-old Wang Shi resigned as general manager, appointing Yu Liang as executive vice president and chief financial officer. Wang Shi had once said, "I never cultivate a successor; instead, I build a system." Yu Liang emerged as the ideal product of that very system. Two years later, the 36-year-old Yu Liang officially succeeded as general manager, taking full charge of the company's daily operations. At that time, Vanke's annual sales were a mere 3 billion yuan.
During that period, Wang Shi and Yu Liang formed a distinctly complementary duo. Wang Shi was the strategist setting the direction, while Yu Liang was the executor firmly managing the operations—a golden partnership of "setting strategy and grasping execution."
Taking the Helm and Scaling Heights Upon assuming leadership, Yu Liang swiftly capitalized on the era's opportunities. In 2004, when Vanke's sales were just 9.16 billion yuan, he boldly proclaimed a "100 billion in ten years" target, drawing widespread skepticism from the industry; even Wang Shi considered it overly aggressive.
Yet, amidst the doubts, Yu Liang introduced the "5986 model": commence construction within 5 months of land acquisition, open for sales within 9 months, ensure standard residential properties account for over 80% of projects, and achieve 60% sales in the first month. This strategy of standardization, high turnover, and meticulous management propelled the company into a rapid growth phase. By 2010, Vanke achieved sales of 108.16 billion yuan, becoming China's first real estate enterprise to reach the 100-billion-yuan milestone, accomplishing its goal four years ahead of schedule. This firmly established its leading position in the industry and heralded an era of scale expansion characterized by land grabs and market consolidation.
By then, Wang Shi had long withdrawn from daily operations, acting as a spiritual leader who infused Vanke with an idealistic ethos—summiting Mount Everest, traversing the poles, and studying abroad. Yu Liang, meanwhile, was constantly planning for change.
In 2014, while the industry was collectively obsessed with scale expansion, Yu Liang authored an article declaring that "the golden age of real estate is over, and the silver age has arrived." Based on this judgment, he pushed Vanke to transform from a pure residential developer into an "urban配套 service provider." The company subsequently diversified into logistics, commercial properties, long-term rental apartments, standard offices and industrial parks, ski resorts, as well as education and senior living real estate. In 2020, it even crossed over into pig farming, attempting to build a growth system capable of weathering economic cycles.
Formally Taking the Reins In 2015, the "Baoneng-Vanke dispute" erupted. Raids by insurance capital, equity battles, and financing obstacles plunged Vanke into an unprecedented control crisis. Wang Shi, as the founder, spoke out publicly,坚守 the底线 that "Vanke does not welcome barbarians." Yu Liang stood at the forefront stabilizing the situation, reassuring internal staff to ensure daily operations while actively engaging with potential strategic investors.
The crisis lasted for two years. In 2017, Vanke's former largest shareholder, China Resources, exited, Shenzhen Metro took control of Vanke, and Baoneng retreated. The equity dispute that had shaken the industry was finally resolved. That June, at Vanke's shareholders' meeting, the 66-year-old Wang Shi formally stepped down as board chairman. Yu Liang was unanimously elected as his successor. During his speech, he choked up several times: "Without Chairman Wang Shi, there would be no Vanke; without Chairman Wang Shi, there would be no Vanke of today."
Yu Liang's character also contained a resilience and refusal to admit defeat reminiscent of Wang Shi. In his younger years, he had been an 80-kilogram heavyweight. Through three years of gradual weight loss and fitness training, he successfully summited Mount Everest in 2013. Perhaps this same relentless self-discipline was projected onto his approach to corporate governance.
Peak and Precognition After Wang Shi's departure, Vanke officially entered the Yu Liang era, which also marked the peak of his career. Under Yu Liang's leadership, Vanke's sales performance continued to hit new records. From 2017 to 2018, sales successively broke through the 500 billion yuan and 600 billion yuan barriers. In 2020, annual sales reached a peak of 704.1 billion yuan, solidifying its position as the industry leader.
Yet, at what seemed the industry's most heated moment, in the autumn of 2018, Yu Liang dropped another bombshell following his "silver age" prediction, famously urging the company to "survive," which sent shockwaves through the sector.
Puzzlingly, despite the stark warning, Vanke's high-leverage expansion did not halt between 2019 and 2021, and its land acquisition strategy remained aggressive. The continual record-breaking sales figures created a stark contrast with this pessimistic signal.
Warning signs were already appearing in the financial data. According to past financial reports, in 2019, several of Vanke's core profit indicators declined. The settlement gross margin for real estate and related businesses, fully diluted return on equity, and realized investment income all showed year-on-year decreases. More alarmingly, the net amount of cash and cash equivalents plummeted by over 240% year-on-year.
The trend became more pronounced in 2020. Although revenue and net profit still grew, the growth rate had slowed significantly, with net profit growth dropping to single digits. The gross margin for real estate and related businesses also declined further.
By 2021, Vanke's revenue maintained an 8% year-on-year increase, but net profit fell sharply by 45.75% year-on-year. At that year's results briefing, Yu Liang publicly apologized, frankly admitting, "The performance is not good; we have let our shareholders down."
Subsequently, Vanke's financial pressures gradually became apparent. In 2022, Yu Liang introduced the "black iron era" thesis,直言 the industry had entered a phase of balance sheet contraction and clearing. Internally, Vanke advocated for austerity, and employee benefits were reduced alongside the industry's winter. Projects once held in high hope, like the Pok Apartment and Vanke Village plans, became cash flow drains. Diversified ventures like pig farming and ski resorts became burdens that diverted focus. The multi-pronged布局 failed to shield the company from the industry downturn and instead dragged down the core business.
Decline and Reshuffle In 2023, breaking a 31-year tradition, Vanke canceled its dividend. To address the crisis, Yu Liang and the management team launched a comprehensive "streamlining and strengthening" plan. They committed to reducing interest-bearing debt by over 100 billion yuan within 2024 and 2025, aiming to cut the total interest-bearing debt by more than half over the next five years. The plan also involved actively revitalizing existing assets to recoup funds and resolve debt risks.
As the real estate sector entered a period of deep adjustment, Vanke's sales began a yearly decline starting from 2021. By 2024, sales had fallen to 246 billion yuan.
The decline ultimately proved difficult to reverse. In 2024, a liquidity crisis erupted at Vanke. By the end of 2024, Vanke's interest-bearing debt due within one year stood at 158.28 billion yuan, accounting for 43.8% of the total. The cash and cash equivalents on its books were only 88.2 billion yuan, while net profit attributable to the parent company incurred a loss of nearly 50 billion yuan, a staggering year-on-year decrease of 506.8%. This marked the first annual loss since Vanke's listing in 1991, and the scale of the loss was immense.
With the release of this disastrous annual report, the Yu Liang era at Vanke came to a somber close.
A New Chapter and a Quiet Exit On January 27, 2025, the Vanke Group underwent a board reshuffle. It was announced that Xin Jie, Chairman of Shenzhen Metro Group, would take over as Chairman of Vanke's Board, with several senior executives from the Shenzhen state-owned assets system being deployed to key departments within Vanke. Among the original core members of Vanke's board, Yu Liang resigned as Chairman, transitioning to a role assisting the Chairman, focusing on strategy and macro research for the real estate sector. Zhu Jiusheng resigned from all positions and left Vanke. Zhu Xu resigned as Board Secretary but remained within Vanke's long-term rental apartment division. From this point, Vanke officially entered a new stage dominated by state-owned capital.
At an extraordinary general meeting in November 2025, Yu Liang still sat beside the new Chairman, expressing cautious optimism about the industry: "With the continuous implementation of policies and the gradual realization of reasonable housing demand, the industry is expected to gradually emerge from the adjustment cycle and move towards a new stage of stable development."
One month prior to these management changes, Wang Shi posted a video on his Weibo of a media interview. He stated, "Back in the day, when I was running Vanke, ensuring the safety of cash flow was the number one principle." He also discussed the story of the well-known Japanese homebuilder, Misawa Homes, which went bankrupt, noting that the fatal mistakes it made bore a strong resemblance to Vanke's actions in recent years.
The sea breeze over Shenzhen Bay sweeps past Vanke's headquarters, evoking memories: the young, inexperienced finance graduate entering Vanke's doors in 1990; Wang Shi's resolute delegation of power in 1999; Yu Liang's determined assumption of the helm in 2001; the emotional哽咽 during the 2017 handover; and the solitude of the 2026 departure.
Eventually, all stories must conclude, but the tale of Vanke continues. The current management faces a series of urgent challenges and numerous difficulties. The transformation of China's real estate industry also continues its arduous path. Yet, whenever Vanke is mentioned, or the golden and silver eras of Chinese real estate are recalled, the name Yu Liang will inevitably arise. He has left a profound imprint on the history of Vanke's development and the evolution of the real estate sector—an imprint where both achievements and shortcomings resonate.
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