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    BusinessChinese real estate giant Country Garden reduces profit by 96% in the first half

    Chinese real estate giant Country Garden reduces profit by 96% in the first half

    File – Resource image of a Chinese flag. – Jörg Carstensen/dpa – File

    The Chinese real estate developer Country Garden registered an attributed net profit of 612 million yuan (89 million euros) in the first six months of 2022, which represents a drop of 96% compared to the result of 14,996 million yuan (2,176 million euros). euros) for the same period in 2021.

    Likewise, the company indicated that in the first half of the year its turnover experienced a year-on-year decline of 30.9%, to 162,363 million yuan (23,561 million euros).

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    Country Garden warned that 2022 will be a difficult year for the property sector, with weaker sales and demand expectations and falling prices, putting pressure on all industry participants.

    “The market is falling rapidly, the sector has entered a cold winter,” acknowledged the company, for which, however, in times of crisis there is always hope, since the Chinese economy is extremely resilient and the foundations for its improvement in the long term they have not changed.

    Country Garden shares fell more than 3% on the Hong Kong Stock Exchange after presenting the accounts for the first half and lost more than 62% so far this year.

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    Source: Europa Press


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