Nine months after stepping down, Yu Liang has received an unexpected "retirement gift" — a consumption restriction order. On September 13, the Changsha Intermediate People's Court issued a consumption restriction order against China Vanke Co.,Ltd. and its former board chairman Yu Liang, with an execution target of over 4.98 million yuan. Under the order, Yu Liang is barred from taking flights or first-class high-speed rail, staying at star-rated hotels, or purchasing property or vehicles. A seasoned executive who led Vanke for a decade has seen his post-retirement life begin with a court summons.

The restriction order stems from a procedural issue. The execution case of 4.98 million yuan was filed on March 12, 2026, while the industrial and commercial registration change showing Yu Liang stepping down as Vanke's legal representative was dated March 19 — meaning he retired first, with the registration change following afterward. Based on the unit leader information recorded at the time of case filing, the court included Yu Liang on the restriction list. Strictly speaking, this is a "procedural joint liability" imputing corporate debt to the legal representative, not a personal debt of 4.98 million yuan owed by Yu Liang himself. Yet it is precisely this "procedural linkage" that illustrates Vanke's current predicament more vividly than any financial data. A legal representative of a company, even after retiring and resigning from all positions, still faces consequences tied to an execution case from their tenure. This inescapable sense of association is the most truthful footnote to Vanke's debt crisis.

How much does Vanke actually owe? As of June 30, 2026, China Vanke Co.,Ltd. reported total assets of 959.761 billion yuan and total liabilities of 743.955 billion yuan, with a debt-to-asset ratio of 77.51%. In the first half of the year, operating revenue stood at 70.169 billion yuan, down 33.38% year-on-year, while net losses attributable to shareholders reached 14.951 billion yuan, expanding losses by 25.15% year-on-year. But what truly keeps people up at night is not the losses — it is the debt structure. As of the end of March 2026, Vanke held approximately 55 billion yuan in cash, against a staggering 168 billion yuan in debt maturing within one year — a shortfall exceeding 110 billion yuan. From June to December 2026, Vanke faces a combined 10.12 billion yuan in maturing public bonds.

In its semi-annual report, Vanke stated that all public bonds maturing so far in 2026 have been fully extended, with the first installment payment already completed, and currently no public bonds are in default. However, extension does not mean elimination; it merely pushes the pressure further down the road. Since 2025, Vanke has cumulatively completed principal repayments or risk dispositions of approximately 48.5 billion yuan in maturing public bonds, yet the absolute scale of debt remains enormous.

How much longer can Shenzhen Metro's support last? Vanke's survival to date has relied on continuous capital injections from Shenzhen Metro. In June 2026, Shenzhen Metro extended an additional loan of up to 1.14 billion yuan to Vanke, followed by a further injection of up to 519 million yuan in July. By May 2026, Shenzhen Metro had cumulatively provided over 30 billion yuan in various financial support to Vanke. But there is a ceiling to this lifeline. Whether it is the 30 billion or subsequent additions, these funds are earmarked for "debt repayment," not "operations." Vanke's management acknowledged at a shareholder meeting that "there has been no substantial improvement at the operational level, with debt and liquidity remaining under pressure." A company that maintains liquidity through shareholder borrowings and delays repayment via extensions still has a long way to go before truly achieving a turnaround.

Yu Liang's restriction order is, in essence, not a personal issue. It represents an "overflow" of Vanke's debt distress onto the individual level — corporate problems ultimately land on specific people, even those who have retired and left. After a decade at the helm of Vanke, Yu Liang did not receive a dignified farewell. And Vanke's debt resolution is far from reaching a point where anyone can breathe easy.