Chinese Developers Owe $137 Million to Hong Kong Property Agency
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Several Chinese developers owe more than 1 billion yuan ($137 million) in commission fees to property agency Centaline’s mainland China unit, the Hong Kong company said in a statement.
Centaline’s subsidiary in the Chinese city of Shenzhen was unable to pay its employees their commissions because of the overdue payments, according to a South China Morning Post report on Sunday, which cited a leaked company document circulating online.