Centaline Property has said its mainland China unit is owed a huge amount of unpaid commissions and so it cannot pay employees their commissions, responding to reports of delayed payments to the unit by developers including the embattled Evergrande. Centaline's statement comes as a deepening housing market crisis, rising risk of default and a faltering economy are dragging property developers and agents into commission arrears. The Hong Kong property agency's mainland arm, Centaline Property Agency (Shenzhen), has not recovered some commission fees as property developers grapple with the debt crisis and liquidity crunch, Centaline said in a statement on Friday.
Sign of Centaline Property is pictured at the company's office in Tianjin
Centaline's statement comes as a deepening housing market crisis, rising risk of default and a faltering economy are dragging property developers and agents into commission arrears. "The current amount of unpaid commissions from developers and agents is huge and Centaline Property is not in a position to advance them to its employees," the company said.
The Shenzhen unit has paid fixed salaries up to July, Centaline said, adding that all of units were operating normally and it would not withdraw from the mainland China market.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
China Evergrande says resumption guidance fulfilled, shares set to trade next week(Reuters) - Embattled property developer China Evergrande Group said on Friday it has
Lire la suite »
Centaline says mainland China unit has 'huge' unpaid developers' commissionsBEIJING (Reuters) - Centaline Property has said its mainland China unit is owed a huge amount of unpaid commissions and so it cannot pay employees ...
Lire la suite »
Hong Kong Perpetual Bonds Slump in Sign of China Property ContagionPerpetual dollar bonds sold by several Hong Kong-based companies have suffered record declines in recent weeks, a sign of contagion from China’s property sector woes.
Lire la suite »
UK Economic Cracks Meet China Property Crisis in London HousingOn a site in a deprived part of east London, the cracks in the UK economy are meeting the crisis at distressed developer Country Garden Holdings Co.
Lire la suite »
China's cabinet approves guidelines to boost affordable housing amid property woesBEIJING (Reuters) - China's cabinet on Friday approved guidelines for planning and construction of affordable housing at a meeting chaired by Premier ...
Lire la suite »
Evergrande’s Services Arm Posts 43% Profit Jump on Margin LiftChina Evergrande Group’s property management services unit reported a 43% increase in profit in the first half, a positive development as the real estate giant edges toward one of the nation’s largest restructurings.
Lire la suite »