Property News · August 28, 2019

China Evergrande first major mainland developer to report profit decline as cooling measures hit sales


China Evergrande, the country’s third largest property developer by sales, posted a 45 per cent plunge in first-half core profit on Wednesday, becoming the first among the mainland’s top developers to report a decline in earnings.The sharp fall in core earnings – its first drop since the first half of 2016 – came after the central government rolled out a slew of cooling measures to curb property price growth earlier this year.Interim core profit came in at 30.35 billion yuan (US$4.2 billion),…

Source : South China Morning Post
Read more…China Evergrande first major mainland developer to report profit decline as cooling measures hit sales

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