Chinese property Giant Country Garden reported first annual loss in 15 years on Thursday, blame the ongoing headwinds in the property market and the covid-19 pandemic.
China property The sector has been weakened due to slowdown economy and a regulatory oppression in recent years narrowed down developers” access to credit.
Country Park – the nation’s largest developer in terms of Sales – recorded a loss of 6.1 billion yuan ($887 million) for 2022, according to an exchange filing on Thursday.
It’s the company first full-year loss since its listing in 2007 on Hong Kong Stock Exchange, sharp drop Of 26.7 billion yuan in profit it recorded for 2021.
China property The sector experienced a “harsh winter” in 2022, group He said in his file, noting “continued effect of COVID-19”.
Chinese housing market along with construction accounts for more from U.S quarter of Gross Domestic Product (GDP), remains in recession, after being dealt a heavy blow by Beijing’s crackdown on Excessive borrowing and rampant speculation in 2020.
Real estate sales have declined since then in Multiple cities and several developers We are struggling to survive, with home buyers last year Refuse to pay mortgages on incomplete properties.
Imposing strict restrictions and sudden closures as part of China zeroCorona virus disease policy Construction was disrupted and further eroded consumer confidence.
But the authorities signaled relaxation of the property oppression in recent months, with the government in January announcing that he would ease up financial conditions for a list of developers considered healthy.
Country Garden, which was part of that listHe said on Thursday is true property market was at the bottom out and can look forward To the recovery. “
