China's Poly Property drops most in 4 months on weak earnings outlook

Poly Property

03/03/2023 02:55

** Shares of China's Poly Property Group Co Ltd  0119.HK 
drop as much as 7.1% to HK$1.95, and on track for the biggest
daily pct decline since Oct 28, 2022 if losses hold
    ** Stock hit the lowest since March 1, snapping two straight
session of rise; biggest pct loser in Hang Seng Composite Index
on properties and construction stocks  .HSCIPC  and second
biggest loser in Hang Seng Composite Index  .HSCI  
    ** The Chinese property developer says it expects its 2022
net profit to drop about 60% from the previous year amid
exchange loss due to devaluation of Chinese yuan 
    ** Says increase in impairment losses on properties under
development and properties held for sale, and decrease in fair
value on revaluation of investment properties also hit earnings 
    ** Hang Seng Mainland Properties Index  .HSMPI  and Hang
Seng Composite Index ong properties and construction stocks
 .HSCIPC  each gains 0.5%
    ** The Hang Seng Composite Index  .HSCI  and the Hang Seng
Index  .HSI  both rise 0.6%

 (Reporting by Donny Kwok)
 ((donny.kwok@thomsonreuters.com))