Property developer China Vanke on Monday said its chairman Yu Liang and CEO Zhu Jiusheng had resigned, amid concerns over the company's liquidity as it faces several debt maturity deadlines this year.

Vanke warned Monday that it incurred major losses in 2024, a filing at the Hong Kong Stock Exchange showed.

Vanke said it expected a net loss of approximately 45 billion yuan (US$6.2 billion) in 2024, citing reasons including "the continuous market downturn" and "sales and gross profit margins (that) turned out to be lower than investment expectations". (Agencies)