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February 5, 2010

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Ren only gets 10% of his salary

CHINESE real estate tycoon Ren Zhiqiang will only receive 10 percent of his pre-tax 7.074-million-yuan (US$1.04 million) 2009 salary, Huayuan Property Co Ltd announced in a statement posted on the Shanghai Stock Exchange's Website yesterday.

The move is meant to reduce the outcry after Huayuan disclosed the huge salary in its annual report on Monday.

Huayuan, a state-owned real estate firm, said Ren's 2009 salary was composed of two parts: a 4.545-million-yuan bonus for his performance in 2008 and 2.529 million yuan for other reasons, including tenure and unspent vacation.

The Huayuan president's salary for tenure was set at 3.2 million yuan at the stockholders' meeting in October 2008. The sum was lowered to 2.48 million yuan early last year because of the global economic downturn. Huayuan's net profit plunged 15 percent to 344 million yuan last year.

The State-owned Assets Supervision and Administration Commission Beijing Xicheng District Branch, which fully owns Huayuan Group - the parent company of Huayuan Property, decided Ren could get no more than 700,000 yuan for 2009.

The remainder will be paid to Ren following appraisal of his performance upon his expiration of office.


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