First-quar­ter prof­its down for real es­tate firms

China Daily (Canada) - - NEWSCAPSULE -

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)

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