China’s Biggest Builder Posts First Loss Since 2007 Listing
- Country Garden makes net loss of about 6.1 billion yuan
- Earnings pressure may linger under slow sales recovery: BI
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Country Garden Holdings Co., China’s largest property developer, reported a first full-year loss since its 2007 listing in Hong Kong and signaled it would pivot away from its expansion in smaller cities.
The Foshan-based company posted a net loss of about 6.1 billion yuan ($885 million) in 2022, compared with a profit of 27 billion yuan a year earlier. The developer warned of the loss earlier this month.