The chairman of China Vanke, the country’s third-biggest home seller by sales, has urged staff to gear up for a bruising year. “We are on our last legs, which means there are no other options,” Yu Liang admitted at the company’s annual staff meeting last month.
Yu said the so-called golden age of the past two decades, when home prices only went up and developers made billions of yuan from selling homes, had come to an end, referring to the slowdown in China’s $1.7 trillion housing market that has affected many industry players.
Full story: South China Morning Post
