China’s largest property group Country Garden warns of 70% plunge in profit

Chinese property developer Country Garden estimated that first-half profits fell as much as 70 per cent in the first half of the year, as the country’s largest real estate group by sales was drawn into a crisis that has raged through the heavily indebted sector.

The Chinese property sector has been rattled by a liquidity crisis following last year’s high-profile collapse of Evergrande, the world’s most-indebted developer. The company’s Hong Kong-listed shares slumped as much as 15 per cent during a single trading session in July, wiping about $1.7 billion from its market value, after it announced a heavily discounted capital raising.

“Now even Country Garden couldn’t basically proceed with presales for new projects because the contagion is so extreme,” she said.

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