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The Guardian - UK
The Guardian - UK
World
Amy Hawkins

China’s top property developer expects first loss since 2007 flotation

China Country Garden
Buildings of China's developer Country Garden Holdings in Zhenjiang in 2022.
Country Garden says losses for 2022 will amount to between 5.5bn yuan and 7.5bn yuan. Photograph: AFP/Getty Images

China’s top property developer expects to record a loss in 2022 – its first since the company went public in 2007 – in another blow for the country’s embattled property sector.

In a filing to the Hong Kong stock exchange, Country Garden said that the losses for 2022 would amount to between 5.5bn yuan and 7.5bn yuan (£663.6m-£904.9m). In 2021 Country Garden’s profits reached 26.8bn yuan.

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