The extent of financial difficulties at some of China’s largest real estate companies is becoming more apparent amid earnings season for listed companies
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developed by Guangzhou R&F Properties Co. and constructed by Multiplex, at Nine Elms in London, U.K., on Tuesday, Jan. 8, 2022. U.K. real estate deals by mainland Chinese investors have plunged by almost 88% in the past five years, according to data compiled by Real Capital Analytics Inc. Photographer: Chris Ratcliffe/BloombergStruggling Chinese real estate developer Guangzhou R&F expects to report a loss of “not less than” eight billion yuan, or $1.
“The expected net loss is mainly attributable to decrease in sales revenue attributable to lower contracted sales and recognition of properties sold, decline in gross profit margins, as well as the increase in impairment provision for inventory due to lower selling prices of the projects and lower contribution of other income recorded by the group for the year,”R&F added: “The decline in earnings is a result of challenging operating conditions in the property sector, ongoing pandemic, and...
. Shimao Group Holdings, another big developer from the country, said today it expected net profit to fall 62% from a year earlier in 2021 and that PricewaterhouseCoopers had resigned as its auditor.... [+]
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