China Vanke CEO's Unexpected Detention Raises Concerns

China Vanke's CEO Zhu Jiusheng has been detained by public security authorities, stirring volatility in the company's bond prices. Amid a protracted property market downturn, Vanke aims to secure funds to meet its bond commitments by 2025, affirming its determination to weather the fiscal challenges.

China Vanke CEO Zhu Jiusheng has been detained by public security authorities, according to a report by state media outlet The Economic Observer on Thursday. The real estate company did not provide immediate comments regarding the situation.

Over recent weeks, the onshore bond prices of the embattled property giant have experienced volatility, driven by apprehensions regarding its capacity to fulfill maturity payments within the year amid a persistent property market downturn.

In response to these challenges, Vanke has articulated a plan to intensify efforts in raising funds through operations and financing to address public bond obligations due in 2025, underscoring its resolve to overcome financial hurdles.

(With inputs from agencies.)