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Country Garden Services, property management unit of China’s largest property developer by sales Country Garden, has lowered its full-year growth target, now aiming to achieve no lower than 40% growth of revenue in 2022, down from 50% target set at the start of the year, said CFO Huang Peng at an investor conference on Wednesday.
The company also aims to achieve a growth of no lower than 20% – 30% of core net profit in 2022, compared to a target growth of no lower than 40% set at the start of the year, said Huang.
The company’s new businesses from property development projects have declined significantly and the competitions for existing business have increased, said President Li Changjiang.
In the first half of the year, Country Garden Services’ revenue grew by 73.5% on year to 20.05 billion yuan, while core net profit grew by a much slower pace, up 30.5% to 2.89 billion yuan. The company’s gross profit margin was 26.9%, falling 6.5 percentage points from a year earlier.
In 2021, the company’s revenue grew by about 84% to 28.8 billion yuan and gross profit grew by 67.3% to 8.864 billion yuan.