Chinese property developer Shimao Group slumped more than 65% in Hong Kong close at HK$1.52 as the trading in the company resumed on Monday.
The company has released the long overdue 2022 annual results. The company’s loss attributable to shareholders for the year ended December 2022 narrowed to 21.5 billion yuan from 27.1 billion yuan in the previous year. Annual revenue dropped by 41.5% year over year to about 63.04 billion yuan. Gross profit, however, soared 101.7% to 5.28 billion yuan.
The developer attributed the drop in loss to an increase in gross profit and other gains from the disposal of subsidiaries and joint ventures.
The property recorded 86.52 billion yuan in total contracted sales in 2022, with 5.374 million square meters in gross floor area sold.
