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China’s leading developer Evergrande posts first profit drop since 2016

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China Evergrande, the country’s third largest property developer by sales, posted a 45 per cent plunge in first-half core profit on Wednesday, becoming the first among the mainland’s top developers to report a decline in earnings.

The first drop for the homebuilder since the first half of 2016 came after the central government rolled out a slew of cooling measures to prevent housing price from overheating.

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