Lida Ren, Morgan Stanley’s real estate investment banker focused on China, has left the US firm amid a drop of property deals in the world’s second largest economy.

Ren, a managing director based in Hong Kong, has recently departed the bank, according to a spokesperson at Morgan Stanley. She was a dealmaker covering real estate transactions in Asia Pacific with a focus on China.

Ren was promoted to managing director in 2021, according to a statement from the bank at the time. She had been at the US bank since 2006, according to her LinkedIn profile.

The volume of China-related real estate deals was about $34 billion so far this year, heading for the worst year in a decade, according to data compiled by Bloomberg. China has been grappling with its property debt crisis which has led to record defaults as it heads into its fourth year. The government has been ramping up pressure on banks to support struggling real estate developers.

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The departure of Ren follows that of other senior bankers leaving Morgan Stanley recently, including Henry Tsai and Ren Chen, two key technology bankers within the investment banking team, Bloomberg News has reported.