Bloomberg estimated that Chinese property developers reported the worst earnings in at least the last seven years.
The economic slowdown has impacted China's real estate industry.
- According to Bloomberg's analysis, 60% of the 60 mainland-listed property companies expected losses for last year.
- 5% of the companies made profits, and another 5% saw net income growth.
- The remaining 30% said the profit dropped.
- Liu
Shui, research director at China Index Holding, said developers would
not be confident to start making new investments soon.
- RiseSun Real Estate Development Co.'s loss increased five times to around 25 billion yuan (~$3.7B).
- Last week, the IMF said China should take actions beyond measures announced last year to boost developers' equity, bond, and financing.