State-owned property developer China Resources Land (01109.HK)'s core profit for the first half of 2024 declined by 5% year over year to 10.7 billion yuan, weaker than expected, mainly dragged down by lower profit margins on property development projects, Goldman Sachs said in a research note.
Following its record high land spending last year, China Resources Land's management has turned cautious about acquiring new land in the first half of 2-24, signalling that it will focus on de-stocking, the bank said.
At the same time, its . . .
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