Chinese developer Longfor Group Holdings has posted a profit gain of 20 per cent for last year, managing to weather a crisis in China’s property industry triggered by defaults among some of its heavily indebted peers.Chongqing-based Longfor said its core profit reached 22.44 billion yuan (US$3.52 billion), up by a fifth from 2020. The annual increase was the same as in the previous year.“We did not buy much land last year and only got a couple of plots at reserve prices at the end of the year,”…
Source : South China Morning Post
Read more…Developer Longfor Group posts 20 per cent profit rise for 2021, avoiding debt crisis engulfing China’s property market
