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One third of real estate developers suffered a loss in 2015

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Core Tip:Among 50 mainland-listed property developers, 23 reported profit decline in 2015, said BeijingTimes on Tuesday.
One third of real estate developers suffered a loss in 2015

 

 

Among 50 mainland-listed property developers, 23 reported profit decline in 2015, said BeijingTimes on Tuesday.

Fifteen Chinese real estate companies projected a lossaccounting for nearly 30 percent of thedevelopers that have released their preliminary earnings report.

Among them, 13 property firms reported annual loss for the first timesaid the newspaper citingdata from RoyalFlush InformationShanghai-based developer China Enterprise Co said itexpects a loss of as much as 2.5 billion yuan ($380 millionin 2015.

Such growth headwind has been shared by some bigger playersas Poly Real Estate Groupthecountry's second-largest property developer by market valueon Friday reported its lowest profitincrease in 10 years.

The company's preliminary net profit amounted to 12.3 billion yuan last yearup by only 1.18percent year-on-yearit said in a filing to the Shanghai Stock Exchange.

China's real estate market took a downturn in 2014 after years of investment chasingGrowth ofproperty investment slowed to one percent in 2015, a sharp decrease from the 10.5-percentgrowth in 2014.

Analysts expected a modest pickup in property sales in 2015, in part helped by interest rate cutsand the lifting of home purchase restriction.

 

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