Evergrande warned 2019 profit could drop 50%, and is slashing prices as sales tank. A real estate crash poses an unprecedented economic threat, but Beijing is maintaining curbs on speculation that risks hobbling recovery, writes petesweeneypro:
China Evergrande Group warned on March 23 that it expects net profit of around 33.5 billion yuan for the 2019 fiscal year, a decrease of nearly 50% from a year earlier. In February, it said it would cut prices by 22% in March. The company and its rivals have been forced to shutter physical sales offices because of the novel coronavirus.
Property investment in China fell at its fastest pace on record in the first two months of 2020, as home sales, construction and other economic activity all nosedived due to the Covid-19 outbreak.
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