Country Garden's workforce had dwindled to fewer than 23,000 employees by the end of 2024.
Recent market information indicates that Country Garden has issued a "Management Measures for Rehiring Former Employees," signaling what some describe as a "large-scale recall of veterans." These measures were established to "ensure orderly business progression and align with the company's development pace during the recovery phase and the demands of new project development." The policy specifies criteria for rehired personnel, including their previous tenure with the company, length of time since departure, past performance records, and salary determination methods.
Regarding this, Country Garden stated that the adjustments to the "Management Measures for Rehiring Former Employees" represent a routine revision of existing policies, not the introduction of a new initiative. The company has established a regular mechanism for reviewing its management systems, conducting annual optimizations based on operational realities and management needs.
In practice, rehiring is a common method for Country Garden to supplement its talent pool. "Outstanding talent is the driving force behind the company's sustainable development. Our talent appointments always revolve around actual business needs, utilizing multiple channels including internal promotions, rehiring of excellent former staff, and external social recruitment," Country Garden explained.
The significant market attention this news has attracted stems from industry expectations regarding the operational improvement of a former leading real estate developer.
From the perspective of Yan Yuejin, Deputy Director of the Shanghai E-house China Research and Development Institution, Country Garden's move signals a substantive shift in its operational focus following a period of deep adjustment. The company is now taking steps to bolster its existing business capabilities, gradually entering a restructuring phase aimed at "business recovery."
Since the industry entered an adjustment period in 2021, major real estate developers have undertaken organizational restructuring to varying degrees and implemented large-scale layoffs to minimize costs. According to Wind data, Country Garden's total employee count peaked at over 130,000 in 2018 before declining steadily to fewer than 23,000 by the end of 2024—a reduction exceeding 80%.
Yan Yuejin noted that this figure直观地反映出 reflects the extreme balance sheet contraction and cost-cutting measures companies were forced to adopt for survival during the industry's profound adjustment in recent years. This situation highlights the operational challenges faced by developers after encountering financial distress.
By the end of 2025, with the implementation of domestic and overseas debt restructuring and the gradual completion of the critical task of ensuring housing delivery, Country Garden reached a turning point for returning to normal operations.
Yang Huiyan, Chairperson of Country Garden's Board of Directors, stated during the company's 2026 annual work conference in early February that 2026 is the "final year for ensuring housing delivery." She emphasized the goal of completing most delivery tasks by mid-2026, thereby freeing up resources to focus on repairing the balance sheet and restoring normal operations. The marker for "restoring normal operations" is achieving positive operating cash flow, with the ultimate goal being positive overall company cash flow and profitability.
Mo Bin, Co-Chairman of Country Garden, also stressed that completing the housing delivery task is the top priority, balance sheet repair requires trading time for space, and restoring normal operations is crucial—as only through development can problems be effectively resolved.
During a management meeting in March, Yang Huiyan reiterated that since the industry's deep adjustment began, Country Garden has undergone a challenging self-rescue process, actively exploring debt resolution paths while全力 ensuring housing delivery. She described 2026, the start of the 15th Five-Year Plan period, as the most critical year for Country Garden's transition from ensuring deliveries to normal operations. The next 3-5 years represent an important period for the company to build momentum for future growth.
Looking ahead to the next 3-5 years, the core of Country Garden's strategy will focus on "building core competitiveness." Talent is indispensable in this process. Yan Yuejin mentioned that replenishing business teams through methods like rehiring will inject a signal of "seeking progress while maintaining stability" into project development and operational lines. Particularly, rehired employees, familiar with company processes and culture, can accelerate the implementation of new projects.
"This case may also indicate that some leading distressed developers, having made progress in debt restructuring and stabilized their core operations, are beginning to preemptively reserve talent for subsequent development," Yan Yuejin suggested, viewing it as a sign of positive recovery momentum among troubled developers.