Shimao Property’s Revenue Declines Amid Market Adjustments

Shimao Property Holdings (HK:0813) has released an update.

Shimao Property Holdings reported a decrease in revenue by 3.9% to RMB29.19 billion for the first half of 2024, primarily due to a drop in property sales, which fell by 5% compared to the previous year. Contracted sales reached RMB17.09 billion with a gross floor area of 1.313 million sq.m., as the Chinese property market continues to adjust without signs of rebound. Despite the market downturn, Shimao maintained targeted supplies and quality delivery, completing around 25,000 units in 34 cities across China.

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