Feb 17, 2022 06:58 PM

BUSINESS

Facing a Tough Year Ahead, Chinese Developers Trim Fat

By Guo Yingzhe and Niu Mujiangqu

A crane stands in front of residential buildings in Beijing. Photo: VCG

A crane stands in front of residential buildings in Beijing. Photo: VCG

Chinese real estate firms are trimming their fat and moving managers to the frontlines as their industry strains under the impact of slowing economic growth and tighter credit conditions.

On Monday, Central China Real Estate Ltd. said it will shrink the staff in its main office and streamline management by reducing its bureaucratic layers from five to three, according to the transcript (link in Chinese) of an online media briefing.

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