China’s largest property developer Country Garden Holdings posted another year of profit decline as cracks widened in the country’s US$1.7 trillion housing market. The Shenzhen-based company, ranked at the top of its industry by sales in China, reported on Wednesday a core net profit of 26.93 billion yuan (US$4.2 billion) in the 12 months ended December 31, down nearly 17 per cent from a year earlier, when the Covid-19 pandemic broke out. The firm sold 558 billion yuan worth of homes last year,…
Source : South China Morning Post
Read more…China’s property crackdown: top developer Country Garden posts profit decline
