Country Garden Bosses Take Hefty Pay Cuts as Developer Struggles

What’s new: Four members of Chinese property developer Country Garden Holdings Co. Ltd.’s leadership have voluntarily taken significant pay cuts, the company announced Tuesday.

Effective since Nov. 1, the annual salary of Chairman Yang Huiyan, daughter of Country Garden founder Yang Guoqiang and one of China’s richest women, was slashed from 370,000 yuan ($52,000) to 120,000 yuan, according to a notice filed to the Hong Kong Stock Exchange.