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China’s largest developer Country Garden Holdings Co. warned that first-half earnings probably tumbled as much as 70% amid an escalating property crisis in the country. 

The Foshan-based company’s preliminary profit could reach 4.5 billion yuan ($664 million) to 5 billion yuan for the first six months of the year, down from 15.2 billion yuan a year earlier, according to a filing on Thursday. Country Garden, once considered among China’s safer real estate companies, has been engulfed by the sector’s unraveling following regulatory crackdowns and pandemic restrictions that have pummeled housing sales.

The developer lost its last investment-grade rating this week after Fitch Ratings it to junk.

 A liquidity crisis among China’s property developers has led to put about 5% of existing apartment construction on hold, sparking mortgage payment boycotts by angry homebuyers. The market collapse could lead to profit declines at other firms.

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Sibeh Cham.  Country Garden stock price dropped 4.4% in HK Excahnge.  this Country Garden going to lelong Forest City in Johor Bahru to make ends meet?

(18-08-2022, 06:58 PM)teaserteam Wrote: [ -> ]Sibeh Cham.  Country Garden stock price dropped 4.4% in HK Excahnge.  this Country Garden going to lelong Forest City in Johor Bahru to make ends meet?

Bro, this stock can buy for long term? What your personal views, thanks.