Property News · August 17, 2020

China Evergrande, country’s biggest developer by sales, says coronavirus, discounts to blame for expected 46 per cent decline in first-half profit


China Evergrande, the country’s biggest property developer by sales, said its net profit for the first half of 2020 is expected to decline by about 46 per cent to 14.7 billion yuan (US$2.1 billion) because of the coronavirus pandemic and discounts offered to buyers.The setback is mainly due to the effects of the Covid-19 pandemic and discounts on selling prices, an increase in marketing expenses, foreign-exchange losses caused and investment in new-energy vehicles by a subsidiary, which led to…

Source : South China Morning Post
Read more…China Evergrande, country’s biggest developer by sales, says coronavirus, discounts to blame for expected 46 per cent decline in first-half profit

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