Home 

US tech major Oracle said to begin mass lay-offs in China as part of global move to cloud services

US tech major Oracle has kicked off mass lay-offs in China that could involve hundreds of employees as part of a global headcount reduction program, according to a local media report citing people familiar with the situation.The Silicon Valley-based company said it would cut jobs at its China research and development center in an internal meeting on Tuesday, with an estimated 500 jobs in Beijing expected to go first, according to the report from mainland business newspaper 21st Century Business… Source link

Read More
Home 

China’s mass urbanisation projects mean the end for Guangzhou’s 1,000 year-old urban villages

A doomsday atmosphere has developed in the village of Chentian on the outskirts of Guangzhou, the capital of China’s Guangdong province. Red banners urge local residents to leave the village that has stood for over 800 years, small shops are clearing out their inventories, and people who had lived there for decades are nervously debating their uncertain futures.The whole mini world of Chentian – made up of hundreds of low-rise concrete buildings and thousands of small shops and restaurants… Source link

Read More
China 

Foxconn, a tale of slashed salaries, disappearing benefits and mass resignations as iPhone orders dry up

It is a normal Saturday in Zhengzhou, the capital of central China’s Henan province. The sky over the factory complex is obscured with a choking smog. Under the hazy sunset, hordes of workers have started to walk out of the Foxconn production facility. The crowd thinned out quickly.But working conditions inside the world’s largest iPhone assembly plant are not normal, as weaker demand for the mobile phones assembled inside the vast 1.4 million square metre (15 million square feet) facility have… Source link

Read More
Property 

Evergrande Health pays US$930 million to buy control of carmaker in its foray into mass production of electric vehicles in China

Evergrande Group, China’s third-largest property developer by sales, has bought control of a producer of electric vehicles in the country, bolstering its founder’s ambition to diversify from real estate into the emerging industry of next-generation automobiles. The developer will use its subsidiary Evergrande Health Industry Group to pay US$930 million for 51 per cent of National Electric Vehicle Sweden (NEVS), according to a statement to the Hong Kong stock exchange, where it is listed. Evergrande Health has paid first instalment of US$430 million on Tuesday, while the remainder of the…

Read More