HONG KONG -- Mainland Chinese property developers suffering from mounting debt obligations and dwindling sales have resorted to drastic workforce cuts, some of their annual reports show.
China debt crunch
China's distressed property developers reveal wave of job cuts
Defaulted companies carry out double-digit reductions as revenues fall, debts pile up
Unfinished residential buildings in Tongchuan, in China's Shaanxi province, in September 2023. © Reuters
Read Next
Latest on China debt crunch
