Sany Group, China’s biggest maker of construction machines by revenues, has started cutting its workforce in one of the clearest signs yet of the pain in the country’s industrial sector as growth slows in the world’s second-largest economy.
China’s heavy machinery makers, which include companies like Sany, Zoomlion, and Shantui, have seen sales drop in some parts of their businesses as construction growth slows.
Beijing’s lower economic growth target, combined with restrictions on property purchases, have put the brakes on China’s construction sector, which is the largest construction market in the world and a key driver of global demand for commodities.
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