# Shenzhen state assets

Vanke’s Quiet Storm: Yu Liang’s Sudden Exit and the Debt Tightrope That Could Define China’s Property Comeback

Yu Liang retired from Vanke on January 8 but has been conspicuously absent since, fuelling internal rumours he may be under scrutiny. Vanke has just cleared a crucial debt extension, but heavy leverage and opaque off‑balance financing leave the company and its former boss vulnerable to further regulatory and financial shocks.