Cisco to cut 14,000 jobs ‘in weeks’
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.