China Merchants Land Faces Market Downturn

China Merchants Land Limited (HK:0978) has released an update.

China Merchants Land Limited has reported a year-on-year decrease in aggregate contracted sales and area for the first half of 2024, with a notable 489% drop in profit compared to the same period in 2023. The company attributes the negative profit to a significant downturn in the real estate market, leading to reduced gross profit from fewer and less profitable development projects. In response, the company is focusing on risk management and transformation to achieve sustainable, long-term growth.

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