Some of the biggest real estate companies in China have pushed through major restructurings of their operations in the wake of the sector-wide pressure created by the debt woes of Evergrande Group.
As of 10 February nearly 30 Chinese real estate concerns have implemented major structural changes to their operations, including:
- Country Garden: 31 December: Consolidation of more than 100 subsidiaries into 65.
- Shimao: 27 January: Integration of the functional departments of the group headquarters and regional functional departments. The number of regional company functional departments has fallen to 7 from 11 previously。
- Xiamen C&D: 25 January: Consolidation of a four-tier management framework across five major regions, and integration into 3 groups.
- Zoina Land: 8 February: Consolidation of regional operations.
- Central China Real Estate Ltd.: 8 February: Reduction of management layers to 3 from 5. Consolidation of all the departments into a new headquarter office, with nine subordinate operations centres.
- Sunac: 10 February: Creation of a new Chengdu-Chongqing region and Yunnan-Guizhou region, as well as addition of a north-western region.
- Wanda Group: 8 January: Consolidation of operations into an eastern region, western region, southern region and northern region.
- Zhongliang Holding: 18 January: Integration of the share-control headquarters with the real estate group.
Guandian (观点网) further reports that nearly 800 senior executives at major Chinese real estate companies have shifted their positions in 2021, with over 300 departures and resignations.