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China SCE Property Expects First-Half Loss on High Finance Costs

July 8 (Bloomberg) -- China SCE Property Holdings Ltd. said it may post a first-half loss due to a significant increase in finance costs after the sale of 2 billion yuan ($309 million) of U.S. dollar debt in January.

The loss was also attributed to the lack of completion of property development projects in the first six months of the year, the company said in a statement to the Hong Kong stock exchange. China SCE said it posted a net profit in the same period last year.

The property company said its financial position and operations remain “sound and healthy,” and unaudited contracted sales for the six months rose “significantly” from the same period last year.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net;

To contact the editor responsible for this story: Nerys Avery at Navery2@bloomberg.net

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