Chinese property giant Vanke warns of huge loss, CEO resigns [Video]

Indebted Chinese property giant Vanke warned Monday of a major loss last year amid a continuing market slump, while also saying its CEO was resigning due to “health reasons”.

Beijing has in recent years grappled with a prolonged crisis in the country’s vast real estate sector, once a key pillar of the economy but now beset with sprawling debt.

Hong Kong-listed Vanke is part-owned by the government of Shenzhen and was China’s fourth-largest real estate firm by sales last year, according to research firm CRIC.

Chinese outlet the Economic Reporter this month cited sources as saying that CEO Zhu Jiusheng had been “taken away by public security authorities”, but did not specify whether he had been formally detained.

Vanke has not confirmed Zhu’s detention but said in a statement on Monday that he “has applied to resign… owing to health reasons”.

Zhu “will no longer hold any position within the …