What’s new: Country Garden Services Holdings Co. Ltd., China's largest residential property manager, forecasts a drop of more than 30% in net profit for the first half of the year as the real estate downturn continues to erode business.
Country Garden Services expects a slight increase in first-half revenue, projecting it to reach between 20.9 billion yuan and 21.2 billion yuan ($2.9 billion and $2.95 billion), up from 20.7 billion yuan a year ago. However, the company anticipates a significant drop in net profit, estimating it will fall to between 1.36 billion yuan and 1.55 billion yuan, down from last year’s 2.35 billion yuan.
