Chinese developers Country Garden, CIFI, Hopson fall after H1 results

Hopson Development Holdings

30/08/2022 06:36

** Shares in China's major property developer Country Garden
 2777.HK  extend losses while those in CIFI Holdings  0884.HK 
dive into a negative territory after H1 results
    ** Country Garden drops 3.8%, compared to 0.8% in the
morning ahead of the earnings announcement
    ** Country Garden posts 4.9 billion yuan ($708.50 million)
in core profit in H1, 68% lower than a year ago
    ** CIFI falls over 5% from flat in the morning, after it
says H1 core profit was 1.82 billion yuan, down 46% yoy    
    ** China's property sector was hit by a slump in home sales
as the debt crisis deepened
    ** CIFI expects the yoy decline in overall market
transaction volume in H2 will narrow steadily on sustained
policy support, it says in a filing
    ** Guangzhou-based Hopson Development  0754.HK  falls over
1%, after posting HK$6.4 billion ($815.56 million) in the H1, up
13%
    ** Hopson does not recommend any interim dividend, compared
to HK$0.5 last year, but proposes to make a bonus issue of one
new share for every ten existing shares
    ** Hang Seng Mainland Properties sub-index  .HSMPI  eases
0.5%

($1 = 6.9160 Chinese yuan renminbi)
($1 = 7.8474 Hong Kong dollars)

 ((clare.jim@tr.com))