Palace Banquet trims salaries

Business | 21 Feb 2020 6:29 pm

Palace Banquet (01703), parent of Chinese restaurant, The Palace, said it will cut the pay of management by 30 percent for two months.

Chan Shou Ming, executive director and chairman, Chen Xiao Ping, executive director and chief executive and Qian Chunlin executive director of the group took a pay cut from February 7.

If the financial position does not improve, executive directors will further cut their salaries.

The group has also discussed with the landlord to waive rents, while some Chinese restaurants have been temporarily closed.

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