China’s state-owned property developers are warning of widespread losses, fueling concerns that the housing crisis is expanding from the private sector to companies with government backing. Eighteen out of 38 state-owned enterprise (SOE) builders listed in Hong Kong and the mainland reported preliminary losses in the six months ended June…
Companies seeing losses include some of the biggest developers owned by the central government. Shenzhen Overseas Chinese Town Co. warned of a loss of as much as 1.7 billion yuan , partly due to a marketing strategy to speed up home sales. That followed a loss in the second half of last year, which was its first since its 1997 listing.
Still, the loss warnings aren’t necessarily all doom and gloom for state developers, according to Bloomberg Intelligence credit analyst Andrew Chan, who says it’s natural that they would write down their inventories to reflect the slump in values.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Generali Philippines announces new president and CEOMAKATI CITY – Generali Life Assurance Philippines, Inc. (Generali Philippines) is pleased to announce the appointment of Dr. Hak Hong
Read more »
Cagayan de Oro hosts its first international event 3 years after COVID-19 struckMore than 19 teams from various parts of the country, as well as Malaysia and Hong Kong, are participating in the dragon boat race in Cagayan de Oro
Read more »
Western Visayas State University’s Balajadia stars in arnisNathaniel Balajadia ILOILO CITY – Nathaniel Balajadia spearheaded the winners in the arnis competition after ruling the men’s non-traditional single
Read more »
China says Xi to pay state visit to S. Africa, attend BRICS summit next weekChinese leader Xi Jinping will pay a state visit to South Africa next week, the foreign ministry said on Friday,
Read more »
North Korea scrambled warplanes over US spy plane 'intrusion': state mediaundefined
Read more »
British Columbia residents on high alert as wildfires force state of emergencyAbout 15,000 people are under evacuation order, as of August 18, and another 20,000 are under an evacuation alert
Read more »