China property giant Vanke's CEO 'taken away' by police: Report

By Free Republic | Created at 2025-01-16 16:40:00 | Updated at 2025-01-16 19:12:45 2 hours ago

China property giant Vanke's CEO 'taken away' by police: Report
Channel News Asia ^ | 16 Jan 2025

Posted on 01/16/2025 8:28:50 AM PST by nickcarraway

The head of one of China's biggest property firms has been "taken away" by police, state-backed media reported on Thursday (Jan 16), as a prolonged housing slump continues to hit the world's second-largest economy. Zhu Jiusheng, CEO of Vanke, was "taken away by public security authorities", the Economic Observer reported, citing sources.

Hong Kong-listed Vanke, which is part-owned by the government of Shenzhen, was China's fourth-largest real-estate firm by sales last year, according to research firm CRIC. It reported a net loss of 9.9 billion yuan (US$1.35 billion) in the first half of 2024, its revenue plunging as home sales slumped.

The Economic Observer reported that "several sources" said Zhu had been taken away, without specifying whether he had been formally detained or what offences he may be alleged to have committed.

(Excerpt) Read more at channelnewsasia.com ...

TOPICS: Business/Economy; China; Crime/Corruption; News/Current Events
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1 posted on 01/16/2025 8:28:50 AM PST by nickcarraway

To: nickcarraway

if you need any corneas, I bet his will be on ebay tonight

2 posted on 01/16/2025 8:31:36 AM PST by Strict9

To: nickcarraway

Shenzhen, was China’s fourth-largest real-estate firm by sales last year, according to research firm CRIC. It reported a net loss of 9.9 billion yuan (US$1.35 billion) in the first half of 2024, its revenue plunging as home sales slumped.

So, how did the top three do?

3 posted on 01/16/2025 8:37:25 AM PST by PeterPrinciple (Thinking Caps are no longer being issued, but there must be a warehouse full of them somewhere)

To: nickcarraway

In heavily-regulated and politicized industries, one can’t operate (or certainly can’t get wealthy) without having political friends, getting mired in corruption, and being a crony-capitalist.

And since the State owns ALL the land in China, every wealthy property developer is going to be up to their eyeballs in something which the Communist Party could eventually deem illegal when the political winds change.

Sooner or later, one’s patrons will lose power, they will be attacked by another political clique, or you will run out of money for payoffs. The time has come for this guy.

4 posted on 01/16/2025 8:39:04 AM PST by PGR88

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