Property developer China Vanke said on Monday its chairman Yu Liang and CEO Zhu Jiusheng stepped down as it forecast a record $6.2 billion net loss for 2024, as concerns over the company's liquidity deepen.

China Vanke Co’s chairman and chief executive officer will both resign in an abrupt move after the embattled developer warned of a record 45 billion yuan ($8.34 billion) loss for 2024.

Chinese officials are taking steps to stabilize operations at China Vanke Co. after deepening liquidity stress and questions surrounding the whereabouts of its top executive triggered turmoil for its bonds and shares last week,

Xin Jie, the chairman of its major state-owned shareholder Shenzhen Metro, will become Vanke's chairman, signalling increased state oversight on expectations that the government would step in to contain non-repayment risks.