China’s Largest Property Developer Country Garden suffers 70% Plunge in Real Estate Crisis

Chinese Real Estate Developer

The profit of Chinese real estate developer Country Garden dropped sharply by as much as 70% for the first half of the year amid the country’s escalating property crisis.
According to its filings on Thursday, August 16, the company’s net core profit was 4.5 billion yuan to 5 billion yuan ($660 million to $735 million) for the first six months of 2022, down from 15.2 billion yuan ($2,2 billion) a year earlier.
 
Credit to : Spotlight on China