On the evening of December 12, Country Garden announced that Yang Huiyan, Mo Bin, Yang Ziying and Chen Chong took the initiative to request a salary reduction.
This voluntary salary reduction by Country Garden's senior executives has really aroused strong market attention to Country Garden.
One
The monthly salaries of the four senior executives of Country Garden were uniformly reduced to 10,000 yuan, regardless of the previous salary. Previously, the annual salary of Yang Huiyan and Chen Chong was 370,000 yuan, Mo Bin's annual salary was 3 million, and Yang Ziying's was 2 million.
From 370,000 to 120,000, although the gap is large, it is understandable. But from 3 million to 120,000, it is equivalent to jumping directly from Mount Everest into the Mariana Trench.
In addition, Country Garden has also cancelled the allocation of cars for all executives, and the reimbursement of medical examinations and free canteens for executives have also been cancelled. The administrative expenses of the whole group are reduced according to the principle of zero, and no unnecessary expenditures are made, and rigid expenditures are reduced as much as possible through integration and intensification.
The goal of reducing administrative expenses is to significantly reduce expenses by almost 60% over 2023 compared to 2021.
For Country Garden, the public can't stagger their eyes, because Country Garden in the second half of the year is properly responsible for the traffic of the real estate industry, and all kinds of news continue to dominate the screen.
In July alone, Country Garden suffered a double kill of stocks and bonds, canceled the placement plan of 1.8 billion shares, Li Changjiang cashed out on a large scale, and Yang Huiyan donated more than 6 billion directly to the Guoqiang Public Welfare Association and other major events.
A single piece of real estate is enough to shock the industry in the first few years of real estate, not to mention that so many major events occurred intensively in the same month
In August, Country Garden failed to pay interest on two US dollar bonds on time. The largest real estate company in the universe has fallen to the point where it can't pay tens of millions of dollars in interest.
A typical prince is in trouble.
In October, Country Garden couldn't afford to repay its overseas debts, and the news that Boss Yang was going to sell planes gave Country Garden another wave of existence.
At the beginning of December, Country Garden consolidated 14 regional companies into seven new regions, compared to 58 regions before March.
At the monthly management meeting on December 8, Yang Huiyan said, "The family will definitely sell iron to support the company, and the company will strive to become a model for the insurance company to recover as soon as possible." ”
In the next 12 months, Country Garden will have three main tasks - ensuring delivery, operation and credit.
Among them, "guaranteed delivery" is put in the first place.
Country Garden's *** is also hyping that more than 500,000 homes have been delivered this year.
In the past six months, Country Garden has gone step by step.
Country Garden may never have imagined that the largest real estate company in the universe, which once occupied the top spot in the industry for six consecutive years, would one day fall into such an embarrassing situation.
II
Country Garden's executive pay cuts are not an isolated case.
Under the pressure of survival, salary cuts have become an inevitable choice for major real estate companies.
The real estate industry used to be a recognized high-paying industry, and countless "working emperors" have emerged.
For example, Xia Haijun, president of Evergrande, once used 2The salary of 700 million yuan topped the list of CEO salaries of listed Chinese stocks in Hong Kong by Forbes. During Zhu Rongbin's tenure in Country Garden, he received a maximum of 2185An annual salary of 80,000 yuan. Even Internet celebrity economist Ren Zeping, when he joined Evergrande, Boss Xu also offered an annual salary of 15 million.
However, with the thunderstorms of real estate companies one after another, the tide of salary cuts is also coming like fate.
Sohu Finance has compiled the salary of 21 typical real estate companies in the first half of this year, and 15 real estate companies have reduced the average monthly benefits of employees, with a reduction of about 10%-40%.
Evergrande employees are the worst.
The average monthly income is only 4,200 yuan, which also includes salaries, bonuses, various allowances, pension plans and social insurance.
Yu Liang said at the annual meeting last year: "The real estate industry has reached the era of black iron, and today there is no ability to bid, and people who are only motivated by money are not suitable to work in the industry of the black iron era." ”
So, has Evergrande's employee spirit reached the point of transcending money?
In the era of real estate, real estate companies have also opened a variety of income-generating channels for employees, such as performance and co-investment, so that fixed salary has become a small part of their income.
And now, they can't even keep a fixed salary.
Of course, in other real estate companies, executive salary cuts have also become the norm.
Leju Finance has counted the salaries of CEOs of 87 listed real estate companies, and in 2022, the total remuneration of 87 CEOs will reach 36.8 billion yuan, up from 6.8 billion yuan in 20218.8 billion yuan, a sharp decrease of nearly half.
Bigwigs with annual salaries of tens of millions, such as Yu Jianwu, Wang Jun, Wang Mengde, and Li Congrui, have also fallen to the ranks of millions.
It's all about the past. Seeing the news of the salary cut of Country Garden's executives, somehow, what jumped into Huanhuan's mind was the sentence "The carved fence and jade masonry should still be there".
The Southern Tang Dynasty fell, and the latter lord went north, and the world was just a mansion in Bianjing for him.
In the south, in the palatial palace he once owned, the intricately carved balustrades and jade steps that he had lingered countless times were eternal.
The spring flowers are still in full bloom, and the moonlight of the autumn night is still sprinkled all over the people, but he can never go back.
In the same way, the good days of real estate are in the past.