Shui On Land (HK:0272) has released an update.
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Shui On Land Limited has issued a profit warning, anticipating a significant decrease in net profit for the first half of 2024, forecasting it to be between RMB50 million to RMB100 million, in stark contrast to RMB618 million from the same period the previous year. The expected decline is attributed to reduced residential completions, leading to lower property sales revenue. Amid a challenging real estate market in China and tight industry liquidity, the company is focusing on prudent financial management and strategic review for sustainable growth.
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