Cisco to cut 14,000 jobs ‘in weeks’

China Daily (Canada) - - BUSINESS -

Cisco Sys­tems Inc, the largest maker of net­work­ing equip­ment, will cut as­many as 14,000 em­ploy­ees world­wide, or 20 per­cent of its work­force, CRNre­ported, cit­ing peo­ple close to the com­pany. San Jose, Cal­i­for­nia-based Cisco will an­nounce the cuts in the next fewweeks, CRN­said onTues­day, with­out nam­ing its sources.

“In the first 10 min­utes, you might think they are crazy, but all you would feel is the ea­ger­ness for a piece of land in cen­tral Shang­hai. This could be the last chance for a long time for many de­vel­op­ers to in­clude a land par­cel at a pre­mium lo­ca­tion, due to the lim­ited sup­ply of land in the city cen­ter,” said Wang Yuanchen who wit­nessed the bid­ding on Wed­nes­day morn­ing.

Lu Wenxi, an an­a­lyst with Shang­hai Cen­taline Prop­erty Con­sul­tancy Ltd, said re­cent moves by re­gional au­thor­i­ties in Suzhou and Nan­jing to cool the land mar­kets in those cities have also made de­vel­op­ers to cast their sights on Shang­hai, which has al­ready ex­pe­ri­enced au­thor­i­ties’ ad­just­ment and con­trols.

Even though re­cent land sup­ply in Shang­hai is ris­ing, the sup­ply in the cen­tral area re­mains lim­ited, so bid­ding for a land par­cel in cen­tral Shang­hai is go­ing to be fiercer in the fu­ture.

More than four parcels of land in sub­ur­ban Shang­hai have been auc­tioned in the past three months, while only two parcels of land in cen­tral Shang­hai were avail­able.

ZhangHong­wei, an an­a­lyst with Shang­hai Tongce Real Es­tate Con­sul­tancy Ltd, said poli­cies on fi­nanc­ing for bid­ding on land parcels might get stricter in the next few months to re­duce risk ex­po­sures amid the land fever, and more mea­sures to cool down the land mar­ket are likely to be in­tro­duced af­ter Septem­ber.

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