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China’s Largest Developer Posts Record 96% Profit Slump

  • Country Garden’s revenue, profit tumbled amid sector crisis
  • Results could hurt fundraising efforts, BI analyst says
Bloomberg business news
Fitch: No Single White Knight for China Property Market
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Country Garden Holdings Co. said first-half earnings plunged 96%, the most since its 2007 listing in Hong Kong, as China’s property crisis engulfed the nation’s largest developer by sales.  

Unaudited net profit slumped to 612 million yuan ($88 million) in the six months ended June, a filing by the Foshan-based company showed Tuesday. Core net profit, which adjusts for items including property revaluations, dropped 68%.