Chinese Property Developer Tells Staff to Be Frugal Amid Market Slump

• China Vanke said employees can’t continue to operate as if they were still in the “golden era” of the industry.
• The Shenzhen-based developer told staff to save every cent they can, likening the mentality to a war-time mode.
• The instructions come amid a slump in China’s property sector, even though Vanke is in relatively good health.

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A major Chinese real-estate developer has advised its staff to tighten purse strings amid a market slump.

China Vanke, the country’s third-largest real estate developer by sales, has told staff to “be frugal” and “spend small money while doing big things,” according to an internal document.

Vanke staff confirmed the existence of the document to Communist Party media outlet Beijing News. The South China Morning Post reported the note was disseminated at a meeting last Tuesday. Vanke did not immediately respond to Insider’s request for comment.

Copies of the document circulating online, which Insider reviewed, showed Vanke told staff to save every cent they can, likening the mentality to one in a “war-time” mode.

The company asked employees to opt for cheaper air tickets and hotels when travelling and to minimize daily expenses like printing documents only when necessary, the document shows.

The Shenzhen-based company also said employees need to change their mindsets as they cannot continue to operate as if they were still in the “golden era” of the industry.