At an unfinished Country Garden residential complex on the outskirts of the northern Chinese metropolis of Tianjin, construction has slowed to a dull whirr and a few idle workers roam a near-empty site.
residential complex on the outskirts of the northern Chinese metropolis of Tianjin, construction has slowed to a dull whirr and a few idle workers roam a near-empty site.
Construction had partially or fully stopped at both sites - the larger one with a few rows of unfinished five-storey apartment blocks and the other with lifeless cranes and thick green scaffolding hanging over skeletal high-rises. Workers at dorms on the sites complained of months without pay. Once considered one of the more financially sound developers, Country Garden is now a bellwether of how the cycle has turned for developers.
Some workers are not employed directly by the developer, the Yunjing Huating representative said, but by its contractor, which "has promised to pay the workers' wages by the end of this month". In an exchange filing on Aug. 10, Country Garden said it would "spare no effort to ensure delivery" of apartments and that it would "ensure the operation of projects nationwide" to fulfill its commitment to home buyers.
"In China, it is a common phenomenon because now all developers control the rhythm of construction based on the sales rate ... so once sales slow down, so will construction," Gao told Reuters.
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