China's Centaline Property says mainland China unit has 'huge' unpaid developers' commissions
China's Centaline Property says mainland China unit has 'huge' unpaid developers' commissions
BEIJING: 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 deepenin...
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. 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.
Don't mess with housing bubbles they are not fun.