Former Chairman of Vanke Group, Yu Liang, has reportedly been out of contact for half a month.

On January 8, Yu Liang resigned from all his positions at the age of sixty, concluding his career honorably, with his shareholding handled according to regulations and the transition proceeding smoothly. Earlier, on January 27, 2025, Vanke issued an announcement stating that Zhu Jiusheng had applied to resign from all his positions, including Director, Member of the Board's Investment and Decision-Making Committee, President, Chief Executive Officer, and Authorized Representative, citing "health reasons," and would no longer hold any position within the company after his resignation. In October 2025, multiple sources, including Yicai, confirmed that Zhu Jiusheng had been subjected to criminal compulsory measures by relevant authorities. Criminal compulsory measures typically indicate that the issues involved have entered the criminal investigation stage. Looking back at Yu Liang's 36-year career at Vanke, the key milestones are as follows: Yu Liang joined Vanke in 1990 when Wang Shi was Chairman. At that time, Vanke was at a crossroads between diversification and specialization. Yu Liang, leveraging his expertise in capital operations, quickly became a core executor of Wang Shi's strategic plans. In 1993, Yu Liang led Vanke's B-share listing, raising HKD 450 million. During the "Junwan Dispute" in 1994, Yu Liang, then General Manager of Vanke's financial advisory company, assisted Wang Shi's team in dismantling the Junan Securities alliance. After this conflict, he officially entered the core decision-making circle of the Board of Directors. After the "Baoneng-Vanke dispute" concluded in 2017 and Shenzhen Metro became the largest shareholder, Wang Shi stepped down as Chairman of the Board and handed over the role to Yu Liang. In the diversified transformation promoted by Yu Liang, Zhu Jiusheng took a leading role in establishing and operating off-balance-sheet funding pools, playing a central part in the setup and expansion of platforms such as Pengjinsuo and Boshang Assets. After Yu Liang was promoted to Chairman of the Board in 2017, Zhu Jiusheng succeeded him as President. Subsequently, Yu Liang and then-Vanke President Zhu Jiusheng worked as a "team" for approximately seven years. As the industry adjustment deepened beyond expectations, the drawbacks of Vanke's high-turnover model gradually became apparent, and the risks associated with the off-balance-sheet funding pools began to surface. In early 2025, a major reshuffle occurred in Vanke's management. Zhu Jiusheng was the first to resign from all his positions, including Director, President, and CEO, while Yu Liang was demoted to Executive Vice President. Executives from the Shenzhen Metro faction comprehensively took over management and operational control. In contrast, the retirement treatment of Wang Shi and Yu Liang presents a stark difference: When Wang Shi stepped down, he was awarded the title of Honorary Chairman and received public acknowledgments, whereas Yu Liang's retirement was marked only by a brief, matter-of-fact announcement with no recognition of his contributions. When Wang Shi retired, Vanke was still in an industry upswing with a relatively stable equity structure; by the time Yu Liang retired, Vanke was already deeply mired in a debt crisis.