China faces the worst semi-annual report in its real estate industry history.
Free Finance quoted Chinese media reports on September 5th.
Leju Finance and Economics statistics show that, as of August 31st, 169 listed real estate companies have announced their financial reports for the first half of this year.
Among them, profits have fallen for 129 companies accounting for as much as 76%, including 55 losses, for a total loss of $8.5 billion (59.5 billion yuan).
Among the loss-making real estate companies, R&F Properties suffered a loss of over $992 million (6.92 billion yuan) in the year’s first half.
CCRE Real Estate followed with over $800 million, the most significant loss since its establishment.
The third most significant loss is from Ronshine China, with a loss of nearly $636 million in the year’s first half.
Country Garden, the largest real estate company by market value, made a profit of $88 million in the first half of the year, down 95.9% from the same period last year.
The company said a few days ago that the Chinese real estate market had entered a cold winter.
The airline industry also suffered its worst earnings. These seven companies had a net loss of nearly $9.6 billion.
In contrast, pharmaceutical companies reported profits in the epidemic context.
Jiu’an Medical’s net profit was $2.2 billion in the first half of the year.
Wanfu Bio made a considerable profit, achieving a net profit of $170 million, a year-on-year increase of about 112%.