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Listed developers suffer losses

07-15-2010 08:42 BJT

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The governments control measures on the real estate sector have dealt a blow to developers. And many listed developers are expecting a gloomy half-year earnings report.

For example, Lujing Real Estate announced Tuesday that it's expecting losses of 2.7 million yuan for the first six months. The company attributes it to a sharp decrease in sales revenue. Gemdale, R&F Property and Shimao Property all reported an over 20 percent decrease in floor area sold, compared with a year ago.

Industry analysts say, developers will try hard to offset those losses during the second half of the year. But it will be a tough job ahead.

Cai Hongyan, Analyst of China Real Estate Association said "Generally speaking, in September or October, listed developers will start taking measures to make their year-end financial reports look good. That includes discounts and other promotional activities. And for those companies mainly focusing on residential properties, they have to make changes. They might look into commercial real estate, or housing projects for low-income earners."

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Editor:Xiong Qu |Source: CCTV.com

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