Posted by foongsh > 2023-03-13 14:53 | Report Abuse

HONG KONG: Top Chinese property developer Country Garden Holdings said on Monday it expected to post its first net loss since listing in 2007 due to a sluggish property market and flagged a worse-than-feared drop in core profit. China's top homebuilder by sales was the latest in a growing list of developers that have warned they would report a loss or drop in profit for 2022 after being hit last year by a debt crisis and COVID-lockdowns that delayed or halted home-building. Country Garden said in a filing its estimated net loss would be between 5.5 billion yuan to 7.5 billion yuan ($799 million to $1.09 billion), down from a 26.8 billion yuan profit in 2021.