China Vanke, one of China’s biggest property developers, is making headlines for all the wrong reasons. The company just announced it’s expecting a whopping $6.2 billion loss for 2024. On top of that, its top executives are stepping down, signaling that the country’s property market crisis is far from over.

The shake-up includes the departure of Chairman Yu Liang and CEO Zhu Jiusheng. While Yu is stepping aside for “work adjustment reasons,” Zhu is leaving due to health concerns. The changes are part of a broader move by the local government to take more control over Vanke’s management.

Taking the reins as the new chairman is Xin Jie, who heads Vanke’s largest shareholder—a government-owned entity based in Shenzhen, where the company is headquartered. Vanke is also bringing in three new executives from state-owned firms to help steer the ship. Despite the leadership overhaul, Yu will stay on as an executive vice president.

The company’s financial troubles have been brewing for a while. Last October, Vanke reported a $2.5 billion quarterly loss and started raising alarms about its ability to pay back creditors. Sales have plummeted, and major ratings agencies like S&P Global and Fitch have downgraded their outlooks for the company, citing concerns over its cash flow.

This latest news is a stark reminder that China’s property market slump is still in full swing. With Vanke’s struggles, it’s clear the sector hasn’t hit rock bottom yet.