First-quarter profits down for real estate firms
More than half of the listed Chinese real estate companies reported weak performances and lower year-on-year net profits in the first quarter, according to the Shanghai-based Wind Information Co Ltd.
The total net profits of the 142 companies were 11.74 billion yuan ($1.88 billion), down 5.36 percent from the same period last year. Seventy-four of the companies reported shrinking net profits.
China Vanke Co Ltd, which posted 1.53 billion yuan in net profits by the end of March, registered the first year-onyear drop of 5.23 percent in 13 years.
Gemdale Corp’s first-quarter net profits plunged by 73.65 percent year-on-year to 49.34 million yuan. (Photo 2)