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Curbs curtail Evergrande's earnings
Source: Bloomberg News |
August 29, 2012, Wednesday
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Print Edition
EVERGRANDE Real Estate Group Ltd, China's biggest developer by sales volume, said yesterday that first-half profit fell after the company sold fewer apartments in less affluent cities as the government maintained property curbs.
Profit excluding the revaluation of investment properties dropped 21 percent to 3.8 billion yuan (US$598 million) compared with an increase of 148 percent a year earlier, the company said in a Hong Kong stock exchange statement yesterday.
Evergrande's earnings declined as home prices were hit the most in inland cities where the Guangzhou, Guandong Province-based company focused its expansion last year. Prices in Wenzhou, east China's Zhejiang Province dropped 15.6 percent last month from a year ago, leading declines.
Profit excluding the revaluation of investment properties dropped 21 percent to 3.8 billion yuan (US$598 million) compared with an increase of 148 percent a year earlier, the company said in a Hong Kong stock exchange statement yesterday.
Evergrande's earnings declined as home prices were hit the most in inland cities where the Guangzhou, Guandong Province-based company focused its expansion last year. Prices in Wenzhou, east China's Zhejiang Province dropped 15.6 percent last month from a year ago, leading declines.
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