Chinese property developer Yuzhou flags huge annual loss

Property developer Yuzhou Group Holdings on Wednesday said it was expecting to report a massive annual loss, as a severe slowdown in China’s real estate sector hurt its operations.

For the year ended Dec. 31, 2022, Shanghai-based Yuzhou is expected to record an attributable loss of 12 billion yuan ($1.74 billion), compared with a profit of 862 million yuan posted a year earlier.

($1 = 6.9033 Chinese yuan renminbi)

Related Articles

Back to top button