China’s biggest property developer Country Garden sees profits plunge 96% | Chinese economy
China’s biggest property developer Country Garden Holdings has reported a 96% drop in profits, blaming a “severe depression” in the country’s crisis-hit property market in which “only the fittest can survive”.
The company, which is listed in Hong Kong, said preliminary net profit collapsed from 15bn yuan ($2bn) to 612m yuan ($88m) in the first six months of the year thanks to the housing market crisis that is slowly engulfing the Chinese economy.
Country Garden, which boasts thousands of property projects and a footprint in nearly 300 municipalities, has seen its shares plunge more than 70% this year and the