Country Garden Holdings Company Limited (DZJ.F)
- Reuters
Top China homebuilder Country Garden to book net loss for 2022
Top Chinese property developer Country Garden Holdings said on Monday it expected to post its first net loss since listing in 2007 due to a sluggish property market and flagged a worse-than-feared drop in core profit. China's top homebuilder by sales was the latest in a growing list of developers that have warned they would report a loss or drop in profit for 2022 after being hit last year by a debt crisis and COVID-lockdowns that delayed or halted home-building. Country Garden said in a filing its estimated net loss would be between 5.5 billion yuan to 7.5 billion yuan ($799 million to $1.09 billion), down from a 26.8 billion yuan profit in 2021.
- The Wall Street Journal
Chinese Developer Is Preparing to Buy Land Again After Painful Slowdown
The plans by Country Garden, which hasn’t purchased new plots of residential land since December 2021, are a further sign that the downturn in the country’s housing market is easing.
