Irvine-based John Laing Homes is reviewing its operations because of deteriorating economic conditions and has cut jobs, according to reports.
The company, which is owned by Dubai’s Emaar Properties, “is currently reviewing all potential options to meet its capital requirements,” the company said in a statement over the weekend.
John Laing is also deciding whether to halt sales on projects and shut down some of its U.S. offices, the company told Reuters.
Funding issues have reportedly put at least one area project on hold,a 180-unit condominium building in Hollywood called the Madrone.
The number of job cuts made was not disclosed. John Laing had close to 200 employees in Orange County.
Emaar bought privately-held John Laing in 2006, near the top of the housing market, for $1.1 billion
