Sunday, September 25, 2022
Martin Hennecke

Property firms see lower earnings
<p>Zhenro Services (6958) warned its interim net profit would be no more than 30 million yuan (HK$34.8 million), down by 70.1 percent compared with 101 million yuan in the same period last year, mainly due to the negative environment of the property market.</p><p>The expected decline is mainly due to decreased demand for services by property developers and a decrease in revenue of value-added services to non-property owners, it said.</p><p>Meanwhile, Logan (3380) said contracted sales for the first seven months of the year fell 60.5 percent to 33.07 billion yuan and the gross floor area of the contracted sales was about 2.1 million square meters.</p><p>Contracted sales for July was down 72.7 percent at 2.73 billion yuan and the gross floor area of the sales was approximately 190,000 sq m, the developer said.</p>
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