Chinese conglomerate Dalian Wanda Group's deal with the US tech giant IBM has hit trouble, and Wanda will continue to cut more technicians, says a mainland media report.
Caixin reported that "Wanda will halt its efforts with IBM to sell cloud-computing services and temporarily suspend part of the related development and research works," citing an employee of Wanda, who attended an internal meeting.
Wanda will shed jobs at the cloud-computing department under Wanda International Technology Group even though the conglomerate cut the workforce last year.
Wanda executives blame the downsizing on problems in the partnership with IBM, Caixin reported.
There is no specific number of layoffs. Wanda said if employees resign voluntarily, the company will pay the salary until January 19.
Some staff have reportedly accepted these terms and left the company already.
Elsewhere, China Overseas Land & Investment (0688) said its contracted property sales were HK$232 billion, representing a year-on-year increase of 10.2 percent.
The gross floor area sold stood at 14.46 million square meters, a rise of 10.9 percent compared with the same period a year before.
China Overseas Grand Oceans Group (0081) announced its total contracted property sales amounted to HK$37.07 billion from January to December last year while the contracted area reached 3.41 million square meters.
Greenland Hong Kong Holdings (0337) saw its 12-month contracted sales in 2017 reach 30.11 billion yuan, an increase of 65 percent from the same period a year before.