(Yicai) Dec. 13 -- Four senior executives at Country Garden, a cash-strapped Chinese property developer, have decided to take pay cuts of between 67 percent and 96 percent.

Country Garden’s Chairwoman Yang Huiyan, President Mo Bin, Executive Director Yang Ziying, and non-Executive Director Chen Chong all voluntarily cut their annual salaries to CNY120,000 (USD16,710), the Foshan-based company announced yesterday.

Yang Huiyan’s and Chen’s annual salaries were CNY370,000 each, Mo’s was CNY3 million (USD419,500), and Yang Ziying’s was CNY2 million.

Yang Huiyan is the daughter of Country Garden’s founder Yang Guoqiang. Yang Ziying and Chen are also members of Yang Guoqiang’s family.

“My family will definitely spare no effort in supporting the company,” Yang Huiyan said during an internal conference. Relevant authorities have conducted sensitivity analysis and found that Country Garden will not have insolvency in the coming decade, she noted.

Members of the Yang family, who are Country Garden’s substantial shareholders, have so far granted funds worth around HKD41 billion (USD5.25 billion) to the company through loans, increases of shareholding, purchases of bonds, and distribution of shares. The family has never reduced its shareholding in the company.

Country Garden fell into a liquidity crisis in the third quarter and subsequently launched restructurings of domestic and overseas debts. Most of the firm’s domestic debts have already been rolled over by three years, with the relevant work on overseas debt restructuring in progress. Country Garden has already reduced its administrative spending by almost 60 percent from 2021 in an effort to tackle the liquidity crisis.

In the first 11 months of the year, Country Garden delivered around 500,000 houses, with a total floor area of 60.4 million square meters. The developer expects to deliver 400,000 houses next year.

Editors: Shi Yi, Futura Costaglione