Sino-Ocean Group Holding (HK:3377) has released an update.
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Sino-Ocean Group Holding has reported a significant year-over-year decline with contracted sales and revenue falling by 49% and 36%, respectively, for the six-month period ending June 30, 2024. The company also experienced a gross profit of RMB297 million despite the ongoing downturn in China’s real estate market. Looking ahead, the company anticipates persistent challenges within the property sector, signaling a shift towards high-quality growth and redevelopment projects.
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