China Vanke Co. has been thrown a lifeline by state authorities, a rare show of support that signals the developer may be too big to fail even after dozens of property firms defaulted amid China’s punishing housing slump.

By Clare Jim, Ziyi Tang, Kane Wu HONG KONG (Reuters) -After numerous measures to resolve a liquidity crisis in the property market in recent years, Beijing is expected to end up dusting off an old playbook and step in directly to stabilise a state-backed developer seen as a bellwether for the sector.

Embattled builder China Vanke, once the second-largest Chinese developer by sales, reshuffled its management while forecasting a record US$6.2 billion net loss for 2024 as it struggles to get out from under US$4.

Real estate developer says it expects $6.2bn annual loss and announces sudden resignation of chair and chief executive

Zhu Jiusheng, CEO of Vanke, was "taken away by public security authorities", the Economic Observer reported, citing sources.

China Vanke Co has received a lifeline by state authorities, a rare show of support that signals the developer is too big to fail even as dozens of property firms default amid China’s punishing housing slump.

China continued easing its visa policies in 2024 to boost openness and people-to-people exchange, allowing more foreign travelers and businesspeople to visit the country visa-free. Its latest move was an extension of its visa-free transit policy, which has permitted eligible foreign travelers to stay in the country for 240 hours without a visa.

Statistics released by China’s General Administration of Customs and first published by The Australian reveal Australia’s exports to China fell by 9 per cent last year to $213.7bn, as the price of iron ore weakened and lithium tumbled, more than wiping out gains from Australian agricultural products that Beijing has allowed to return to its market.

China continued easing its visa policies in 2024 to boost openness and people-to-people exchange, allowing more foreign travelers and businesspeople to visit the country visa-free. Its latest move was an extension of its visa-free transit policy, which has permitted eligible foreign travelers to stay in the country for 240 hours without a visa.

China Vanke stock surged following a management reshuffle, raising hopes for government support, though liquidity concerns persist amid the property slump.

The Chairman and Chief Executive Officer of China Vanke Co. will leave abruptly after the troubled developer announced a record 45 billion yuan or 6.2 billion dollar loss for 2024. In a statement, China Vanke said that Chairman Yu Liang had asked to leave for "work adjustment reasons.