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Shares of Kaisai Group tumbled 25% in Hong Kong, Ronshine China sliding more than 11%, Powerlong down more than 4%, CIFI Holdings down nearly 4%, Times China down nearly 3%.
Data released by the PBOC on Friday showed that China’s bank loans to the household sector rose by 208.1 billion yuan in February, and of that, medium- and long-term loans rose by 86.3 billion yuan, sliding by 61.3% from the previous month.
In addition, Country Garden issued a profit warning, saying that that the group is expected to record a loss attributable to shareholders of about 5.5-7.5 billion yuan for the year ended 31 December 2022, compared to a profit attributable to shareholders of about 26.8 billion yuan in the previous year.
Logan Garoup said it’s expected to record a net loss of 7 billion – 9 billion yuan for the year ended 31 December 2022, mainly due to the decline in home delivery and decrease in income amid delays in construction amid COVID-19 pandemic, the year-on-year decline in sales due to the downturn in the real estate industry, and the impairment provision made for the property projects.
