Would you take a 96% pay cut to save your company? The property developer Country Garden is scrambling to scrounge up as much funds as it can to pay back its debt. Now, the company is targeting the paychecks of its top executives to save money.
The president, chairman, and two other executives of the debt-laden Country Garden are getting a pay cut to narrow the company’s costs, the company said in a stock filing on Tuesday. All four will now earn 120,000 RMB, or about $16,900, a year.
