Property slump in China threatens global growth
Building sector, the biggest driver of China’s growth, employs 77m people House prices in Shanghai, Shenzhen and Guangzhou are plunging, and the global economy may grind almost to a halt next year because of it. Construction of homes, offices and factories fell at least 16.6 per cent in October after rising 32.5 per cent a … Read more
CapitaLand to cut staff salaries between 3-20%
Southeast Asia’s largest developer, CapitaLand, said on Wednesday it will cut staff pay between 3 to 20 per cent in light of a slowing domestic economy. CapitaLand said in a statement that the firm-wide measures will affect mostly management and executive level employees, with its chief executive, Liew Mun Leong, bearing the maximum cut of … Read more
CapitaLand executives take pay cuts of 3-20% amid economic gloom
Property developer CapitaLand said on Tuesday it will not be laying off staff for now. Instead, executive-level staff will take pay cuts of between three and 20 per cent as part of the company’s cost management measures. In a statement, CapitaLand said the cuts are due to the deteriorating global financial environment and economic uncertainties. … Read more
When times are bad, prepare for good times
Layoffs are morally wrong, says CapitaLand boss Liew Mun Leong HE HAS vowed to shave costs rather than jobs. And the man twice voted CEO of the year is putting his money where his mouth is. Starting next month, Mr Liew Mun Leong will take the deepest pay cut of 20 per cent as president … Read more
Ex-school site attracts healthy interest
THE former Seh Chuan High School has received healthy responses under the Ideas Tender Scheme by Singapore Land Authority (SLA). Teo Cher Hian, SLA’s director of land operations (private), said yesterday: ‘The response to this property was encouraging. From our experience, we note that those in the education business take a longer-term view and react … Read more
Koh Bros order book at $550m with LTA deal
KOH Brothers Group’s order book has climbed to $549.7 million after it clinched a major contract, the company’s chief executive Francis Koh said yesterday. The company, with French joint-venture partner Soletanche Bachy, recently won a $582 million deal from the Land Transport Authority (LTA) to build the Downtown Line’s Bugis interchange station and associated tunnels. … Read more
Asia will be first to resume growth
As long as the banking systems of the major economies don’t freeze up, China will resume growth, writes Minister Mentor Lee Kuan Yew AFTER the dramatic drops in the New York Stock Exchange following the collapse of Lehman Brothers, stock markets and property values in eastern Asia declined significantly. China’s Shanghai index has fallen about … Read more
Yongnam secures $88m contract for Integrated Hub
YONGNAM Holdings has secured an $88 million contract for the construction of the Integrated Civic, Cultural, Retail and Entertainment Hub (Integrated Hub) at Vista Xchange at one-north. A structural steel contractor and specialist engineering solutions provider, Yongnam will supply and erect steelworks for the building structure. This project, together with Yongnam’s recent contract win from … Read more
