Zhu Jiusheng
Posted on 01/16/2025 8:28:50 AM PST by nickcarraway
The head of one of China's biggest property firms has been "taken away" by police, state-backed media reported on Thursday (Jan 16), as a prolonged housing slump continues to hit the world's second-largest economy. Zhu Jiusheng, CEO of Vanke, was "taken away by public security authorities", the Economic Observer reported, citing sources.
Hong Kong-listed Vanke, which is part-owned by the government of Shenzhen, was China's fourth-largest real-estate firm by sales last year, according to research firm CRIC. It reported a net loss of 9.9 billion yuan (US$1.35 billion) in the first half of 2024, its revenue plunging as home sales slumped.
The Economic Observer reported that "several sources" said Zhu had been taken away, without specifying whether he had been formally detained or what offences he may be alleged to have committed.
(Excerpt) Read more at channelnewsasia.com ...
if you need any corneas, I bet his will be on ebay tonight
Shenzhen, was China’s fourth-largest real-estate firm by sales last year, according to research firm CRIC. It reported a net loss of 9.9 billion yuan (US$1.35 billion) in the first half of 2024, its revenue plunging as home sales slumped.
In heavily-regulated and politicized industries, one can’t operate (or certainly can’t get wealthy) without having political friends, getting mired in corruption, and being a crony-capitalist.
And since the State owns ALL the land in China, every wealthy property developer is going to be up to their eyeballs in something which the Communist Party could eventually deem illegal when the political winds change.
Sooner or later, one’s patrons will lose power, they will be attacked by another political clique, or you will run out of money for payoffs. The time has come for this guy.
Prices are softening in most of China’s cities.
My Chinese wife watches the prices in Shenzhen
My question is did the top 3 do better or the 4th one taken away as a mild motivation.
“Well, . . . bye.”
Beware of Sweet and Sour Zhu showing up on a high end restaurant in Beijing
Apparently, in China, CEO’s pay for unstable markets with their lives -— reportedly after first paying with their organs.
It seems that anytime somebody in China gets super rich... They eventually get incarcerated at some point. The Commies still run it and if you get too far away from that mentality... They need to re-educate you.
It seems that anytime somebody in China gets super rich... They eventually get incarcerated at some point.
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No one can be above the Party and super wealth breeds arrogance which looks bad for the Party, since the Party owns all the business as well through Military-Civilian Fusion.
China is a wild mess, Russia just as bad so why would anyone touch BRICS?
Their real estate was a massive bubble. It made our 2008 bubble look tame by comparison. The government has been trying to squelch the bubble popping for some time now and you can do a lot in a dictatorship but you can’t ever completely hide losses that big. You’re going to keep seeing real estate firms collapse, banks get in big trouble, etc all due to the massive losses they took which everybody is trying to avoid admitting.
Seems like Chinese CEOs need to listen to The Gambler
Know when to hold ‘em
Know when to fold ‘em
Know when to walk away
Know when to run
They need to have a way to get a bunch of money out of the country, and get out before their luck runs out.
The House always wins in the end
“Hey, I’m ready for an organ transplant! How about Zhu?”
Zhu Jiusheng
The State giveth, and The State taketh away.
He will be back in many other people after his organs are removed....
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