(Foshan Comprehensive News) Faced with continuous liquidity, Chinese real estate giant Country Garden implements self -rescue measures. Four directors voluntarily reduced their annual salary to 120,000 yuan (RMB, Tong Tong, S $ 2460).In order to further reduce costs, the Group has also canceled the benefits such as executives and free canteens.
Country Garden announced on Tuesday (December 12) that the company's executive directors Yang Huiyan, Mo Bin, Yang Ziying and non -executive director Chen Yan took the initiative to make a salary reduction request.The salary adjustment has taken effect on November 1.
TheAnnouncement shows that the annual salary of Yang Huiyan, Mo Bin, Yang Ziying, and Chen Yan was 370,000 yuan, 3 million yuan, 2 million yuan, and 370,000 yuan.
According to the Daily Economic News, Country Garden has made many adjustments to executive salary in the past two years, and by 2023, the salary of executives decreased by 86%from 2021.In addition, the group canceled all executives and other executive benefits, such as free medical examinations and cafeteria.According to interface news reports, Country Garden has recently transferred a number of companies' equity to revitalize assets.
The chairman of the board of directors Yang Huiyan said recently that the family will definitely smash the iron to sell iron to support the company, and the company will strive to become a model for the recovery of insurance companies as soon as possible.
Country Garden's first breach of USD bonds in October this year.Bloomberg reported on December 12 that people familiar with the matter reported that Country Garden's RMB bonds also faced the pressure of payment.However, most bond holders have agreed to temporarily not request payment, and the group may temporarily avoid the first default of RMB bonds.
