Chinese property developer Radiance falls on seeing loss in 2023

Radiance Holdings (Group)

26/03/2024 03:28

** Shares of property development and management services
group Radiance Holdings  9993.HK  fall 6.5% to HK$1.86
    ** Stock on course for second session of decline
    ** Co says it expects net loss of 300-800 mln yuan
($41.6-$110.9 mln) for 2023, compared to net profit of 1.7 bln
yuan in 2022
    ** Says loss mainly to adjustment in property sector,
leading to pressure on contracted sales prices, impairment of
properties under development and completed properties held for
sale, among others
    ** Hang Seng Mainland Properties Index  .HSMPI  rises 1.1%, 
Hang Seng Composite Index  .HSCI  climbs 0.03% and Hang Seng
Index  .HSI  adds 0.2%
    ** Stock down 48.9% YTD

($1 = 7.2163 Chinese yuan renminbi)

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