Times China, KWG plummet on annual loss and warning

KWG group

31/03/2023 07:00

** Shares of property developers Times China  1233.HK  and
KWG Group Holdings  1813.HK  plunge over 13% and 16%,
respectively
    ** Both shares drop to the lowest since Nov. 11, 2022
    ** Times China posts 9.6 bln yuan ($1.40 bln) net loss in
2022, compared to 4.8 bln yuan net profit in 2021
    ** Developer cites drop in sales and margin, as well as rise
in asset impairments for loss
    ** Chairman expects the sector will stay in the stage of
structural reforms in 2023
    ** KWG warned on Thursday it is set to post a loss of 9.6 -
9.85 bln yuan in 2022, compared to a profit of 2.6 bln yuan in
2021
    ** Many Chinese developers have reported a plunge in profit
or a loss for 2022, hurt by a sluggish property market and a
debt crisis in the sector that started in mid-2021
    ** State-owned China Overseas Land & Investment  0688.HK 
eased 2.4% after posting a 24.4 bln core profit, 28% lower YoY
    ** Major developer China Vanke  2202.HK  drops 3.4%
    ** Hang Seng Mainland Properties Index  .HSMPI  slips 2.6%

($1 = 6.8622 Chinese yuan renminbi)

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