China Vanke's former CEO placed under criminal compulsory measures, Yicai reports

Zhu Jiusheng, former chief executive of property developer China Vanke (2202), has been placed under criminal compulsory measures, Chinese media outlet Yicai reported on Tuesday, citing sources, though it provided no details regarding the measures.

Zhu joined Vanke in 2012 and became CEO in 2018. He resigned from the post in late January.

His resignation followed a media report saying he had been detained by public security authorities and that the company faced a possible takeover and reorganisation by the government over its financial woes.

REUTERS