Property News · February 22, 2018

Chinese Estates profit tumbles 42pc as rentals fall after former chairman’s asset sell-offs


Chinese Estates Holdings, the Hong Kong property developer, has reported a 42 per cent plunge in full-year net profit for 2017 following a series of asset disposals, after a major share restructuring prompted by former chairman Joseph Lau Luen-hung’s recent failing health.
For the year to December, net profit was HK$3.70 billion (US$1.2 billion), down from HK$6.36 billion in 2016, according a company filing with the Hong Kong stock exchange on Thursday, two weeks after it issued a profit…

Source : South China Morning Post
Read more…Chinese Estates profit tumbles 42pc as rentals fall after former chairman’s asset sell-offs