SANY Heavy Industry Co., Ltd., China's largest listed machinery manufacturer, will lay off 30 percent of its current workforce and impose pay cuts of more than 50 percent on remaining employees as part of its wage reform plan, the Beijing Morning Post reported Tuesday.

Confirming the job and salary cuts, a member of SANY Heavy's sales team told the newspaper: "This will affect the manufacturing department and the company's headquarters. The salaries of employees in the sales department are linked with sales performance, so the pay cuts won't really affect us that much.”

SANY Heavy's rapid growth in recent years has seen eight of the company's executives enter the top 500 list of the richest Chinese. The manufacturer's chairman Liang Wengen was named on Hurun's 2011 rich list as Chinese mainland's wealthiest person with a fortune of 70 billion yuan.

However, the manufacturing giant's performance has been affected by the drop in infrastructure investment and a sluggish property market.

China's business press carried the story above on Tuesday.