LVGEM (China) Real Estate Investment Company Limited (HK:0095) has released an update.
LVGEM (China) Real Estate Investment Company Limited has issued a profit warning, anticipating a substantial loss of approximately RMB1,610 million for the first half of 2024, a significant increase from the RMB580 million loss in the same period of the previous year. The expected loss is largely attributed to the fair value loss on the company’s investment properties amid current challenging real estate market conditions. Shareholders and potential investors are cautioned to be prudent when dealing in the company’s shares.
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