Country Garden’s 2022 forecast is another blow for country’s embattled sector
China’s top property developer expects to record a loss in 2022 – its first since the company went public in 2007 – in another blow for the country’s embattled property sector.
Country Garden blamed the downturn on the Covid-19 pandemic, unfavourable currency exchanges and the reorganisation of certain projects. It said that these problems were “mainly in non-cash nature” and that it remained confident about its performance in 2023. Annual sales for the top 100 real estate companies declined by 41% in 2022 and more than 70 companies have issued profit warnings., China’s new premier, gave his first public address in the role. He sought to boost confidence in China’s economy and said: “The environment for the private economy would get better and better.”
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