More than seven years ago, when Yu Liang famously declared "survive" at that autumn routine meeting, he likely never anticipated his farewell from China Vanke Co.,Ltd. would be so simple and solitary.
Due to reaching retirement age, Yu Liang submitted a written resignation to the board of China Vanke Co.,Ltd. on January 8, 2026, stepping down from his roles as director and executive vice president.
Following his resignation, Yu Liang will no longer hold any position at the company.
Apart from founder Wang Shi, this executive, who most embodied Vanke's style for many years, has now completely parted ways with the firm.
He waved his sleeve, taking not even a wisp of cloud with him.
Vanke's announcement was brief. Its words contained no reluctance, no applause, no embrace.
Observers later noted it even lacked the customary expressions of gratitude typical for departing senior executives.
This is uncommon for a veteran employee with a remarkable 36-year tenure at Vanke.
This is especially true given that, throughout Vanke's long development, Yu Liang was second only to Wang Shi in significance.
Yet, this is the reality. The sector's adjustment continues, and Vanke remains embroiled in a debt crisis.
For Yu Liang, while this exit lacks fanfare, it might also be the most dignified farewell possible.
The transition is complete, and retirement marks his exit.
In the market's view, with Shenzhen Metro's comprehensive takeover and the entry of state-owned asset management, Yu Liang's departure was perhaps expected.
But when the moment finally arrived in the winter of early 2026, outsiders couldn't help but express surprise at how suddenly and swiftly it transpired.
The groundwork for this farewell was laid a year earlier.
On January 27, 2025, Vanke announced personnel changes: Yu Liang resigned as board chairman due to work adjustments, remaining as a director and executive vice president.
At that time, Zhu Jiusheng resigned as president and CEO; Zhu Xu resigned as board secretary to take charge of liaising with the long-term rental apartment business division.
From that point, Yu Liang had already begun moving to a secondary role. He was replaced by the comprehensive entry of Shenzhen Metro Group's management team.
Since becoming Vanke's largest shareholder in 2017, Shenzhen Metro Group, backed by Shenzhen's state-owned assets, had adopted a "supportive but non-interfering" stance, leaving Vanke to professional managers.
However, as Vanke's liquidity risks intensified, Shenzhen's state assets directly intervened, marking a "return." This personnel shift was a critical turning point in Vanke's management.
Over the past year, Yu Liang's continued presence was largely seen as facilitating a managerial transition for Vanke. Now that this mission is accomplished, his retirement and departure become inevitable.
Yu Liang's importance to Vanke is undeniable. Beyond steering Vanke to successive performance peaks after succeeding Wang Shi, he is most frequently discussed externally for his series of pronouncements on the property sector.
From declaring "the end of the real estate boom era" in 2011, to heralding the "silver age" of real estate in 2014, and then loudly advocating to "survive" in 2018, during each industry adjustment, he seemed to act as a whistleblower.
Yet, despite these early warnings years ago, hampered by Vanke's massive scale and heavy investments in diversification, the company still plunged into a liquidity crisis.
This complicates external judgments on Yu Liang's successes and failures.
From the perspective of Vanke's earlier achievements, Yu Liang's contributions were indispensable. However, it is also true that under his leadership, Vanke, like an unbridled horse, galloped into a vortex of debt.
His retirement now represents a dignified exit. As for his legacy, that is best left for time to judge.
The number of "familiar" property tycoons is dwindling.
Yu Liang's departure feels like a prolonged final chapter in the narrative of this industry cycle.
With his complete exit, we realize that after years of sectoral adjustment, the names we once knew so well—the highly distinctive property founders and professional managers—are becoming increasingly scarce.
They are being replaced by relatively unfamiliar "new faces."
Regarding Vanke, last October, Xin Jie, who briefly served as Vanke's chairman for nine months, resigned.
Huang Liping became Vanke's new chairman. A long-time Shenzhen Metro figure, he became Party Committee Deputy Secretary, Director, and General Manager of Shenzhen Metro Group in February 2021 and joined Vanke's board in June 2021.
At an interim shareholders' meeting held in Dameisha, Yantian, Shenzhen, in November 2025, Huang Liping sat in the center seat—his first public appearance as Vanke's chairman.
Also leaving the industry last year was Zhang Yadong of Greentown China.
In March 2025, Greentown China announced personnel changes: Zhang Yadong resigned as executive director and board chairman due to work arrangements.
Having become Chairman of Greentown China in July 2019, Zhang Yadong led from that position for six years.
Subsequently, Liu Chengyun was appointed Chairman of Greentown China. Liu is a veteran of CCCC, and his previous experience primarily involved investment and strategic business segments.
Pushing the timeline back two years reveals even more familiar faces fading from view.
In 2024, statistics indicated positional changes for 134 real estate executives.
Notable examples include Li Yongqian resigning as Chairman of CCCC Real Estate in September 2024, and Li Jun resigning as executive director and vice chairman of Greentown Management in August due to personal reasons.
Li Jun was also a founding team member of Greentown Management and contributed significantly to its development in recent years.
The number was even higher in 2023, with figures like Country Garden's founder Yang Guoqiang, one of Agile Group's founders Chen Zhuoxian, the "soul" of Gemdale Ling Ke, CIFI Holdings' Lin Feng, and Guangzhou R&F Properties' Zhang Li, all stepping back from their companies during this period.
The industry has entered a new phase—an era of stock properties where high-quality development and quality-oriented growth are mainstream.
Amid sectoral adjustments and personnel changes, one property era concludes as another begins.
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