HK-listed property developer Shimao falls on weak earnings estimates

Shimao Services Holdings

28/03/2022 07:19

** Shares of Chinese property developer Shimao Group
Holdings Ltd  0813.HK  fall as much as 6.7% to HK$4.19, their
lowest since March 16, extending losses for the third straight
session
    ** Shimao Group expects its 2021 profit attributable to
shareholders to plunge 62% year-on-year and its profit from core
business to drop 57% amid decrease in sales revenue and decline
in gross profit margin  urn:newsml:reuters.com:*:nFWN2VS0NX
    ** Says increase in provision for impairment on inventories,
and increased sales and marketing expenses amid market
competition also hit its earnings
    ** Says the company will publish its unaudited annual
results for 2021 on March 31  
    ** Stock of property management arm Shimao Property Services
Holdings  0873.HK  falls 5.3% to HK$3.95, lowest since March 16 
    ** Hang Seng Mainland Properties Index  .HSMPI  and the Hang
Seng Composite Index tracking properties and construction stocks
 .HSCIPC  both slip 0.5%
    ** The Hang Seng Composite Index  .HSCI  climbs 0.6% and the
benchmark Hang Seng Index  .HSI  rises 0.9%


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