BEIJING : Centaline Property has said its mainland China unit is owed a huge amount of unpaid commissions and so it cannot pay employees their commissions, responding to reports of delayed payments to the unit by developers including the embattled Evergrande.
The Hong Kong property agency's mainland arm, Centaline Property Agency , has not recovered some commission fees as property developers grapple with the debt crisis and liquidity crunch, Centaline said in a statement on Friday. It did not give a figure for the unpaid commissions but the Securities Times state news outlet reported on Aug. 21 that commission owed to the Shenzhen subsidiary had reached more than 1 billion yuan .
Centaline said it had set up a team to handle overdue payments and it would prioritise the settlement of corresponding commissions with employees once funds are recovered.
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