Shimao Property Holdings ( (HK:0813) ) has provided an update.
Shimao Group Holdings Limited has issued a profit warning, indicating an expected net loss of approximately RMB42.9 billion to RMB43.9 billion for the year ending December 31, 2024, a significant increase from the previous year’s loss of RMB23.6 billion. This anticipated loss is attributed to the ongoing downturn in the real estate sector, leading to low gross profit margins and increased impairment provisions, as well as a court-ordered asset enforcement to settle debts, resulting in substantial debt settlement losses.
More about Shimao Property Holdings
Shimao Group Holdings Limited is a company incorporated in the Cayman Islands, primarily involved in the real estate industry. The company focuses on property development and management, operating mainly within the Chinese market.
YTD Price Performance: 2.31%
Average Trading Volume: 5,100
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $502.5M
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