Chinese Estates Holdings, a major ally of heavily-indebted Chinese developer China Evergrande Group controlled by the family of fugitive property tycoon Joseph Lau Luen-hung, swung to a loss last year as China’s housing market soured.The Hong Kong developer, chaired by Joseph Lau’s son Lau Ming-wai, 41, reported a loss of HK$3.5 billion (US$447 million) for 2021, having recorded a profit of HK$622.2 million the previous year. The company said in a filing to the Hong Kong exchange on Monday that…
Source : South China Morning Post
Read more…China Estates reports US7 million loss for 2021 as costs of China Evergrande friendship mount
