China developer Country Garden sees 2022 loss amid property market slump

Logan

13/03/2023 01:00

HONG KONG, March 13 (Reuters) - Chinese developer
Country Garden Holdings  2007.HK  said on Monday it expected to
swing to a net loss of up to 7.5 billion yuan ($1.09 billion)
for 2022 amid a sluggish property market.
    The estimated loss attributable to shareholders, ranging
from 5.5 billion yuan to 7.5 billion yuan for 2022, compared to
26.8 billion yuan profit in 2021, the Chinese developer said in
a filing to the Hong Kong bourse.
    Core net profit attributable to shareholders is expected to
be in the range of 1 billion yuan to 3 billion yuan, as compared
to 26.9 billion yuan in 2021 as provision of impairment for
property projects and foreign exchange losses also hit results.
    Smaller developer Logan Group Co Ltd  3380.HK  also said it
expected to record a net loss of 7 billion yuan to 9 billion
yuan for 2022 amid delayed projects and a drop in income on the
back of the impact of COVID-19. 

($1 = 6.9025 Chinese yuan renminbi)

 (Reporting by Donny Kwok; Editing by Kim Coghill)
 ((donny.kwok@thomsonreuters.com; +852 3462 7745;))