2023-12-16 07:56:03
The picture shows a construction project of real estate developer Country Garden in Jiangsu. (CFOTO/Future Publishing via Getty Images)
[The Epoch Times, December 16, 2023]After the Chinese real estate company Country Garden fell into a debt crisis, Yang Huiyan, chairman of Country Garden’s board of directors, was revealed to have a solemn expression at the group meeting in early December, and her “face was ashen.”
Country Garden has been in debt crisis since July this year. In October this year, it failed to pay a US$15.4 million bond interest as scheduled, triggering a default clause.
At this critical moment, Caixin, a Chinese media outlet, said on the 15th that this is the most serious crisis Country Garden has encountered since its establishment in 1992. Yang Huiyan looked solemn at the group management meeting held in early December, and her friends described her face as “ashen”.
According to the report, Yang Huiyan stated that the family was selling everything to support the company.
On the evening of December 12, Country Garden announced on the Hong Kong Stock Exchange that the company’s executive directors Yang Huiyan, Mo Bin, Yang Ziying and non-executive director Chen Chong requested a salary reduction, and signed a supplementary director service agreement and supplementary appointment with the company on November 1. letter.
The four senior executives took the initiative to cut their salaries, and their annual salaries were reduced to 120,000 yuan, which is a monthly salary of 10,000 yuan. Before the salary cut, the annual salaries of Yang Huiyan, Mo Bin, Yang Ziying, and Chen Chong were 370,000 yuan, 3 million yuan, 2 million yuan, and 370,000 yuan respectively.
Except for Mo Bin, the other three directors are all members of the Yang family, the actual controller of Country Garden. Yang Huiyan is the second daughter of Country Garden founder Yang Guoqiang, Yang Ziying is Yang Guoqiang’s youngest daughter, and Chen Chong is Yang Huiyan’s husband.
Editor in charge: Xiao Lusheng#
1702793002
#Country #Garden #debt #crisis #Yang #Huiyans #face #ashen #meeting #Chairman #Board #Directors #Yang #Guoqiang
