(Yicai Global) March 1 -- Country Garden, China's largest real estate developer in terms of sales contracts, has started off the new lunar year by embarking on a nationwide layoff campaign that will leave some of its divisions half-empty, according to employees of the firm. 

Country Garden will slash around 50 percent of its staff in northern China, state-backed The Paper reported, citing an insider at the Foshan-based company. The source had watched one-third of their colleagues getting transferred or laid off with a severance package.

Amid slowing economic growth, many Chinese masters of their sectors have reported job cuts or refuted rumors of them this year, including Hon Hai Precision Industry, the largest iPhone parts supplier, and Didi Chuxing, China's biggest ride-hailer.

Country Garden's personnel adjustments will also reach leadership in the headquarters, involving corporate staff, cost managers, procurement personnel, and digital chiefs, The Paper's report added. 

Editor: Emmi Laine