欧博客户端下载www.aLLbet8.vip)是欧博集团的官方网站。欧博官网开放Allbet注册、Allbe代理、Allbet电脑客户端、Allbet手机版下载等业务。

Strong support: A scale model of China Vanke Co Ltd’s Super Bay area development in Shenzhen, China is seen. State-owned firms fared better in first-half 2022 earnings than their privately-owned peers. — Bloomberg

CHINA’S property developers posted their worst first-half earnings in over a decade, an outcome that will likely pressure stocks further even as the government boosts efforts to stabilise the sector.

Total net income for the 136 real estate companies that reported earnings in Hong Kong and China slumped 87% in the first six months of the year to just 17.6 billion yuan (RM11.4bil), according to Bloomberg data.

That makes it the worst half year since data was available in 2008.

A clampdown on leverage, China’s strict Zero-Covid policy and a weakening economy was to blame for much of the fallout in the property sector this year.

Country Garden Holdings Co, the largest builder by sales, warned that the crisis has yet to bottom after reporting net income tumbled by a record 96%.

Logan Group Co swung to a net loss of 540.6 million yuan (RM351mil).

Government plans to lower mortgage rates and offer guarantees on some upcoming onshore bond offerings have done little to lift sentiment, with a gauge of property developers down 27% so far this year.

The cash crunch has pushed China’s corporate-bond defaults to a record.

,

皇冠体育www.hg108.vip)是一个开放皇冠正网即时比分、皇冠官方的平台。皇冠体育(www.hg108.vip)提供最新皇冠登录,皇冠体育包含新皇冠体育代理、会员APP,提供皇冠官网代理开户、皇冠官网会员开户业务。

,

“We continue to struggle to get a true sense of the bottoms for earnings given developers’ flexibility to slow completions (as cash flows remain tight), which hurts revenue bookings, and price cuts, which hurt margins,” HSBC Holdings Plc analysts led by Michelle Kwok wrote in a note on Wednesday.

The bank adds it is making meaningful cuts to its 2022 earnings estimates.

The earnings season offered greater clarity into the winners and losers from the ongoing property woes.

State and semi-state-owned enterprises (SOEs) like China Vanke Co managed to fare better than their privately-owned peers thanks to their strong cash positions and ability to navigate the many pitfalls.

“China’s real estate development market will likely become dominated by SOEs, supplemented by healthier private firms that are obedient to the authorities,” says Naoto Saito, chief researcher at Daiwa Institute of Research.

Private firms saw their liquidity woes deepen in the first half of the year, according to UBS Group AG, with cash holdings down 19% compared with a 2% drop for state-owned companies like China Resources Land Ltd and China Overseas Land & Investment Ltd.

State-owned firms were also able to borrow more in the first half of the year, the bank adds. These companies saw total debt rising 11% compared to their private peers, which saw levels fall by 5%.

All this has implications for chances of survival, analysts including John Lam wrote in a recent note.

usdt收款平台声明:该文看法仅代表作者自己,与本平台无关。转载请注明:Worst China property earnings since 2008 signal more stock angst
发布评论

分享到:

皇冠足球投注平台:全国治理教育乱收费部际联席会议办公室:严禁借分班强制学生购买平板
你是第一个吃螃蟹的人
发表评论

◎欢迎参与讨论,请在这里发表您的看法、交流您的观点。