Several Chinese property developers have reported plunging 2021 profits, as a clampdown on home prices combined with dimming economic prospects to deter buyers from committing to big-ticket purchases during the Covid-19 pandemic. China Vanke, the country’s third-largest real estate company by sales, said its core net profit halved to 22.5 billion yuan (US$3.54 billion) while sales fell 10 per cent to 628.78 billion yuan, according to a statement to the Hong Kong stock exchange. Zhenro…
Source : South China Morning Post
Read more…Vanke, Zhenro and China Overseas post falling profits as clampdown adds to dimming economic prospects in driving homebuyers to the sidelines
