Worst China Property Earnings Since 2008 Signal More Stock Angst
- First-half earnings for developers worst in over decade: data
- Investors say real estate sector ripe for consolidation
A Country Garden Holdings Co. residential development in Shanghai, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
China’s property developers posted their worst first-half earnings in over a decade, an outcome that will likely pressure stocks further even as the government boosts efforts to stabilize the sector.
Total net income for the 136 real estate companies that reported earnings in Hong Kong and China slumped 87% in the first six months of the year to just 17.6 billion yuan ($2.5 billion), according to Bloomberg data. That makes it the worst half year since data was available in 2008.