China's top property developer Country Garden Holdings said on Thursday its core profit plunged 90% in 2022 and it posted a record net loss, hurt by a sluggish property market and a debt crisis in the sector.
The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong, China March 20, 2018. REUTERS/Bobby Yipsaid on Thursday its core profit plunged 90% in 2022 and it posted a record net loss, hurt by a sluggish property market and a debt crisis in the sector.
It however posted a net loss of 6.1 billion yuan, a reversal from 26.8 billion yuan net profit in 2021.earlier this month, citing a drop in gross profit margin, a rise in provisions for impairments on property projects and net foreign exchange losses. Many Chinese developers have so far posted a drop in core profit or a loss for their 2022 results, while a few state-backed peers fared better and recorded a rise.
"However, Country Garden has to keep clear-headed because the market will not recover overnight," it said. "The property sector is still under great strain."
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