Country Garden shares hit record low after profit warning as debt fears loom
Publishing timestamp: 2023-08-11 03:52:13
Summary
Country Garden Holdings issued a profit warning for the six months ended June, expecting a loss of about $6.24 billion to $7.63 billion compared to a profit of $265 million in June 2022. This caused the company's shares to hit an all-time low, with a significant decline in stock value. The sell-off in Country Garden shares also affected the wider property sector, with other companies experiencing declines in their share prices. The company attributed the expected loss to a decrease in gross profit margin and an increase in impairment of property projects due to a decline in sales in the real estate industry. Additionally, the company faced reports of missed bond coupon payments, further impacting investor sentiment.
Sentiment: NEGATIVE
Tickers: 1109-HK, 960-HK, 2007-HK,
Keywords: china resources land ltd, longfor group holdings ltd, real estate, asia economy, country garden holdings co ltd, business news,
Source: https://www.cnbc.com/2023/08/11/country-garden-shares-hit-record-low-after-profit-warning.html