At the Time of the end and beginning of the yellow calendar year, the mainland real estate industry has been frequently exposed to the news of large-scale layoffs of real estate companies. From the beginning of 2020 to the present, the mainland real estate industry is continuing to suffer from the Epidemic blow.
Real estate industry data cited by mainland media on January 28 showed that 27 listed real estate companies among the top 50 real estate companies on the mainland disclosed their staff size in mid-2020, with 12 of them decreasing their staff size compared to the end of 2019.
In early 2021, a number of real estate companies are undergoing so-called “organizational restructuring”, including Time China, Xiangsheng Holdings, Xincheng, Shimao and Jinke, mainly involving real estate companies with a scale of more than RMB 200 billion (RMB, same below).
“Times China” was exposed to layoffs without warning
Sina.com reported on the 28th that listed company Time China suddenly laid off 20% to 30% of its staff, and in fact many departments are laying off staff according to the 30% ratio.
It is reported that Time China’s human resources department has locked up some computers and office materials in advance to cope with the sudden layoffs.
The microblogging account “Deep Blue Finance” has revealed that the sources have revealed that Time China is indeed laying off employees on a large scale, with some departments laying off half of their staff directly, and in a sudden attack, without employees having time to find jobs in advance.
Founded in 1999, Time China is listed in the “China Real Estate Top 50, China Fortune 500”, mainly operating the real estate business in the Guangdong, Hong Kong and Macau Bay Area, but last year, due to the epidemic, the relevant business is in a long-term halt.
Had created the largest annual real estate IPO Xiangsheng Holdings was exposed to layoffs executives left
Ltd. (Xiangsheng Holdings), which had created the largest real estate IPO in 2020, was recently exposed to 30% layoffs and the departure of several executives.
Xiang Sheng Holdings denied 30% layoffs, saying that “individual personnel changes at the end of the year are normal changes that exist in the course of the company’s business development, consistent with other companies in the industry”.
Xiang Sheng Holdings was listed in Hong Kong on November 18, 2020, and then news of major internal layoffs, organizational framework adjustments and the departure of several senior executives continued to emerge.
According to Phoenix Real Estate, Liu Xiang, vice president of Central China Region of Xiangsheng Real Estate, left the company, and Gu Jianjun, president currently in charge of South Zhejiang Region, is also scheduled to leave after the year.
The report quoted Xiang Sheng insiders as saying that since May last year, Xiang Sheng has been laying off staff one after another internally, and at that time also set a 30% reduction in staff. The prospectus of Xiangsheng Holdings shows that it had 3,561 employees as of the end of April 2020, and that about 1,068 people will likely be laid off if the 30% layoff is followed.
The prospectus also shows that the company has a net debt ratio of 426% and a gearing ratio of 90% as of the end of April 2020.
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