Property developer Country Garden's unit forecasts higher annual earnings

Reuters

Fri, Mar 14, 2025, 7:23 AM 1 min read

(Reuters) - Country Garden Services, the spot services limb of China's Country Garden, connected Friday forecast a higher full-year nett connected the backmost of little impairment charges.

The spot services limb expects a nett net attributable betwixt 1.60 cardinal yuan ($221.03 million) and 2 cardinal yuan for fiscal 2024 ended December, compared with 292.3 cardinal yuan a twelvemonth earlier.

Country Garden Services said it benefited from optimising immoderate businesses it had acquired antecedently that led to little impairment charges for the twelvemonth ended 2024.

The institution is scheduled to people its fiscal 2024 results connected March 27.

Its genitor institution Country Garden and a drawstring of different existent property developers defaulted connected indebtedness repayment obligations implicit the past 3 years that affected China's economically important spot assemblage and forced Beijing to denote enactment measures.

Once a apical developer by sales, Country Garden said earlier this twelvemonth it projected a woody to its offshore creditors to chopped its indebtedness by $11.6 billion.

In January this year, the debt-laden spot builder said it expected to station a smaller yearly nonaccomplishment successful 2024 aft reporting a grounds 178.4 cardinal yuan nonaccomplishment successful 2023.

($1 = 7.2389 Chinese yuan renminbi)

(Reporting by Rajasik Mukherjee successful Bengaluru; Editing by Shounak Dasgupta)