China Overseas Land and Investment (00688.HK), a state-owned property developer, saw its first-half core profit decline 23% year over year to 10.6 billion yuan, compared to Goldman Sachs's forecast of a 12% drop in full-year core profit, mainly due to a decline in interest income and an increase in marketing expenses, which offset the gross profit performance for the period, the bank said in a research note.
The developer adopted a cautious approach to land acquisition during the period and considering that land supply in first-tier and major second . . .
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