On the evening of December 12, Country Garden, which is listed in Hong Kong, announced that the company's executive directors Yang Huiyan, Mo Bin, Yang Ziying and non-executive director Chen Chong took the initiative to request a reduction in salary.
Before the salary cut, Yang Huiyan, Mo Bin, Yang Ziying, and Chen Chong's annual salaries were 370,000, 3 million, 2 million and 370,000 yuan respectively, and after the salary cut, the annual salary was adjusted to 120,000 yuan, that is, the monthly salary was only 10,000 yuan.
Previously, Country Garden disclosed that in the face of unprecedented difficulties, it promoted a number of self-help measures, which mentioned that "in 2023, the group will do its best to reduce administrative expenses, and the total amount will be significantly reduced by nearly 60% compared with 2021".
On December 5, there was also news on the Internet that Country Garden had made the latest organizational structure adjustment, "merging 14 regional companies into 7 new regions to promote flat and efficient management". People close to Country Garden confirmed that the news was true.
Four directors collectively took a pay cut.
Mo Bin dropped from 3 million to 120,000.
Country Garden announced on the evening of December 12 on the Hong Kong Stock Exchange that in combination with the actual business needs of the industry and the Company, the Company's executive directors Yang Huiyan, Mo Bin, Yang Ziying and non-executive director Chen Chong took the initiative to request a reduction in remuneration, and signed a supplementary agreement on director services and a supplementary appointment letter with the Company on November 1, 2023.
Specifically, the adjusted remuneration of the four directors is all 120,000 yuan per year, which translates into a monthly salary of 10,000 yuan. According to data from the National Bureau of Statistics, in 2022, the average annual wage of employees in urban non-private units was 114029 yuan nationwide, and the average salary of employees in urban non-private units in Guangdong Province was 124916 yuan. In other words, after the salary cut, the salaries of the four directors of Country Garden are basically on par with the average social wage.
Among them, the largest decline is Mo Bin, director and president of Country Garden, whose annual salary was 3 million yuan before the adjustment, and the drop was as high as 96%. If compared with the salary level before Country Garden's accident, Mo Bin's salary will drop even more.
Yang Huiyan, Yang Ziying and Chen Chong's salaries before the adjustment were 370,000, 2 million and 370,000 yuan respectively, and the decrease after the adjustment was not small.
It is worth mentioning that the above three directors are actually members of the Yang family, the actual controller of Country Garden, Yang Huiyan just took over the scepter from her father Yang Guoqiang in March this year and became the chairman of the board of directors, while Yang Ziying is Yang Huiyan's sister and Chen Chong is Yang Huiyan's husband.
The organizational structure has just been adjusted.
Significant reduction in administrative expenses.
Judging from public information, this is not the first time that Country Garden's senior management has cut salaries. In the past two years, the company has made several adjustments to executive compensation, and by 2023, executive compensation will decrease by 86% compared with 2021, including vice presidents of the company's headquarters, general managers of functional centers and above, and regional presidents.
On December 5, Country Garden also reported the news of a major adjustment of its organizational structure.
It is rumored that Country Garden merged 14 regional companies into 7 new regions: Hebei and Beijing merged into North China;Shandong and northern Jiangsu were merged into the Lusu region;Northwest and Shaanxi were merged into the central and western regions;Anhui and Zhejiang were merged into the Zhejiang-Anhui region;Jiangxi and Fujian were merged into the Jiangxi-Fujian region;Yunnan and Sichuan were merged into the Sichuan-Yunnan region;Guangxi and Jiangzhong were merged into the Jiangzhong region.
In this regard, people close to Country Garden confirmed that the rumors were true. The person pointed out that under the current industry situation, the adjustment aims to further improve the adaptability of the organization and business, promote flat and efficient management, synergy and complementarity of available resources, and make every effort to ensure the realization of the strategic goal of "guaranteed delivery".
According to the article of the monthly business meeting released by Country Garden's official *** on December 8, the company's administrative expenses have been significantly reduced by nearly 60%. "The administrative expenses of the whole group are reduced by nearly 60% in 2023 compared with 2021. ”
At the meeting, Yang Huiyan also revealed that in the next 12 months, the delivery challenge will enter the deep water area, and the delivery volume of Country Garden is expected to exceed 400,000 units in 2024, which is still huge. She said, "Ensuring delivery is a very difficult but also very important job, and I hope that the company will be ready to pay close attention to it and do a good job in pre-planning."
*: China ** Daily, Nanchang Evening News.
Editor: Yang Rui.
Editor: Fu Yali.
Final review: Zhou Jianjun.
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