Developer China Overseas Land up after higher 2023 profit, KWG drops to fresh low

KWG group

28/03/2024 06:36

** Shares in state-owned property developer China Overseas
Land & Investment Limited (COLI)  0688.HK  rise as much as 7% to
HK$11.36
    ** The company's 2023 net profit rose 10% last year to 25.6
billion yuan ($3.54 billion), though core profit eased by 3.2%
to 23.7 billion yuan
    ** COLI declares a final dividend of HK$0.45 per share, vs
HK$0.4 per share in 2022 
    ** Shares of smaller private developer KWG Group  1813.HK 
plummet as much as 10.9% to HK$0.285, a fresh record low
    ** The Guangzhou-based developer posts a wider net loss of
18.7 billion yuan in 2023 vs 9.2 billion in 2022
    ** The Hang Seng Mainland Properties Index  .HSMPI  edges up
0.1%


($1 = 7.2272 Chinese yuan renminbi)

 (Reporting by Clare Jim)
 ((clare.jim@tr.com))