China Developers Flag Worst Earnings in Years on Historic Slump [BNN Bloomberg (Canada)]
China Index Holdings Limited - American Depository Shares (CIH)
Company Research
Source: BNN Bloomberg
Among 60 mainland-listed property firms that made profit alerts by a Jan. 31 deadline, 60% expected losses for last year, when a credit crunch sent shockwaves through the industry and triggered defaults, Bloomberg calculations based on public data show. Only 5% of firms turned profitable, while another 5% saw net income growing from a year earlier. The rest said profit fell. The figures shed light on the scale of the property meltdown's impact on the industry, which is now counting on government measures to ease financing as home sales and prices continue to tumble. They also suggest grim reading at next month's results for larger players that are only listed in Hong Kong. “Developers' earnings took a severe hit from the deep sector downturn and debt defaults,” said Liu Shui, research director at China Index Holdings. “They won't be confident enough to start making new investments soon.” As part of a sweeping sector rescue late last year, China ended a ban on onshore equity fun
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