China’s top property developer expects first loss since 2007 flotation
by Amy Hawkins from on (#69REX)
Country Garden's 2022 forecast is another blow for country's embattled sector
China's top property developer expects to record a loss in 2022 - its first since the company went public in 2007 - in another blow for the country's embattled property sector.
In a filing to the Hong Kong stock exchange on Monday, Country Garden said that the losses for 2022 would amount to between 5.5bn yuan and 7.5bn yuan (663.6m-904.9m). In 2021 Country Garden's profits reached 26.8bn yuan.
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