Country Garden Denied “Rumour” of Massive Job Cut

BY SILVI WRITER

 

China’s largest developer denied “rumour” that its has a plan to cut jobs, but confirmed the group will continue to optimize its “team structure” according to Chinese media on Wednesday.

“The group has no plan to cut jobs. Continuously optimizing the team structure is part of the company’s daily management,” Country Garden said in a statement.

“Our company always focuses on improving our talent team,” it goes, adding the company has began this year’s campus recruitment programmed.

On Tuesday, the troubled developer, based on Foshan of southern China’s Guangdong Province, will cut up to 30 percent jobs, while staffs who joined the company less than a year ago will have to leave, sources said.

ALSO READ: Exclusive: China’s Largest Developer Country Garden to Cut 30% Jobs

Country Garden has issued a notice on this decision of major job cut, according to banking sources in China.

China’s property developers have been facing tightened liquidity condition since late last year, as Beijing pushes forward deleveraging campaign to reduce the country’s total debt.

Sources also said Country Garden decided on a recent high-level meeting to slow down the pace of expansion and cut down the size of operation.

 

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s