China’s largest property developer Country Garden said its profits have dropped 96% amid a sector crisis it described as a “severe depression” and one that “only the fittest can survive,” The Guardian reported, noting that the company has thousands of projects in nearly 300 municipalities.
Net profits plunged from $2 billion to $88 million in the first half of the year, according to the developer, which said the construction sector had been ravaged by “sluggish demand, weakening expectations and falling prices.”
Read the full report: The Guardian.
Read more:
China Economy Falters as Factory, Property, Job Woes Mount
IMF Urges China Rethink on Zero-Covid, Property Crisis
China Property Protests Threaten $220 Billion Hit For Banks
