Singapore asset manager CapitaLand Investment Ltd’s workforce in China fell for the fifth straight year in 2025 as the real estate specialist continued to grapple with the property market slowdown in the world’s second largest economy.
The company’s headcount in China was 3,193 as of end-December, down 10.26% from 3,558 in 2024, according to its 2025 global sustainability report published on May 31.
The number has shrunk by about half from around 6,000 in 2020, when Beijing introduced the so-called “Three Red Lines” policy in which property developers are assessed against three leveraged metrics.
Developers that cannot meet the three ratios — liability-to-asset below 70%, net gearing below 100%, and cash-to-short-term debt above 1x — will not be allowed to obtain new loans.
Sales have slowed and projects have stalled as developers face difficulty getting refinancing.
China Evergrande Group is the most famous casualty of the property slump. Saddled with more than US$300 billion of liabilities, Evergrande was liquidated in 2024.
CapitalLand Investment reported a fair value loss of S$545 million (US$427 million) in China last year, partly due to pressure on rents, according to its 2025 annual report.
Globally, the firm employed 9,542 people as of end-December, down 6.06% from 2024, marking the first drop since 2022. China still accounts for the largest share.
CapitaLand Investment had $125 billion of assets under management as of end-2025.
