Disclaimer: The information provided on the Timber Exchange Market Data Hub is sourced from a variety of publicly available data sources and confidential sources that have not been independently verified. Timber Exchange is not responsible for any expenses, damages, losses, or costs incurred as a result of using or relying on the information provided on this site. By using the Timber Exchange Market Data Hub, you agree to use the information at your own risk and acknowledge that any decisions made based on the information provided are done so solely at your own risk.
China’s biggest property developer's profit fell by 96% due to the recession in the property market
Posted on September 5, 2022 |
- China’s biggest property developer, Country Garden Holdings' initial net profit collapsed from 15 billion yuan ($2 billion) to 612 million yuan ($88 million) in the first 6 months of 2022 due to the housing market crisis, which is gradually destroying the Chinese economy.
- Country Garden's shares dropped over 70% in 2022 and the stock dropped another 2.3% on Tuesday to HK$2.54.
- In 2022, the property sector encountered numerous problems, including the market’s deteriorating expectations, slow demand, and a drop in property prices due to which the market slid rapidly into a severe depression.
- China’s property crisis began when Evergrande was unable to meet repayments on the offshore, dollar-denominated part of its massive $300 billion debt, which spread from Evergrande throughout the huge $60 trillion Chinese property market, bringing a 40% drop in sales.
Image: The Guardian