Ren Zhiqiang, chairman of Hua Yuan Real Estate Group, got the highest salary last year among the 258 listed companies that have disclosed their annual reports as of Monday despite the real estate developer‘s poorer performance in 2009, reported China Business News.
The report, citing data from Wind Info, said Ren took the top spot with an annual salary of 7.07 million yuan ($1.04 million), much higher than the 5.90 million yuan salary for Wang Shi, chairman of China Vanke Co, the country's largest property developer by market value.
Last year, Hua Yuan saw its net profit drop 15 percent over 2008 to 344 million yuan, according to its annual report released on Jan 31. Its revenue slumped 49 percent to 1.16 billion yuan.
Wind Info's data also showed that Vanke spent the most on salaries for its senior executives among the 258 companies last year, the report said.
Vanke paid 47 million yuan in salaries to its senior executives in 2009, more than twice that in 2008, which was 20 million yuan.
The developer's generosity to its top management was backed by its profit surge last year. The real estate developer reported a 32 percent year-on-year increase in its full year net profit to 5.33 billion yuan and a 19 percent increase in revenue to 49 billion yuan.