Four executives at beleagured developer Country Garden will take massive pay and benefit cuts as the company barely avoids its first-ever onshore default.
Executive directors will slash their pay to US$16,700 from as much as US$419,000 and also lose perks such as free cars as the embattled company focuses on delivering pre-sold homes.
Yang Huiyan has seen her wealth plunge by a whopping $24.8 billion over the past two years, as shares of Country Garden have dropped to an all-time low.