Real estate market
Written by: Lin Leqian
2020-02-24 10:03
Last updated: 2020-02-24 10:04New pneumonia affects property market transactions. Midland Group (1200) and Midland Commercial & Industrial (0459) announced that Chairman Huang Jianye took the lead in reducing monthly salary by 40%, and all executive directors also reduced salary. It will be implemented from March for three months. Management freezes salary and works with employees to fight the epidemic and overcome the difficulties together.
Huang Jianye said that the current property transaction contraction is even more severe than SARS, and the transaction continues to decline. It is expected that in the whole month of February this year, the first-hand sales will be only 350 units, a monthly decline of about 70%, a record low of about 4 years. Although second-hand transactions have rebounded slightly in recent days, it is expected that only about 2,200 cases will be recorded in the whole month of February this year, which will also fall by about 30% month-on-month, reaching a new low of nearly 15 months.
In contrast, when SARS broke out in March 2003, although Hong Kong's property prices fell and fell, residential properties still recorded a lot of transactions. According to comprehensive land registry information, from March to June 2003, The average primary and second-hand transactions each month amounted to 2,100 and 3,200, respectively, which were higher than the levels of February this year.
Huang Jianye added that the Group had launched a series of cost reduction measures as early as September last year, including striving for rent reduction from branch owners and launching a new mobile phone program in January. Midland Real Estate has also launched a "Rewarding Progress" reward plan, where all front-line colleagues successfully place an order before the end of February will be rewarded.
According to the Group's 2018 annual report, Huang Jianye's annual salary is about 10.33 million yuan and the monthly salary is about 860,000 yuan. After taking the lead to reduce the monthly salary by 40%, the monthly salary is reduced to about 516,000 yuan.
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Midland Midland Economic & Business- Chairman of Midland Group (1200) Huang Jianye
