Chinese Estates Holdings yesterday reported a net loss of HK$1.49bn for last year, its first deficit since 2002, because of a slump in the unrealised value of its investment properties and a drop in home sales.
The mid-tier developer recorded a 20.5% decline in the value of its property investment portfolio, resulting in a HK$7.47bn revaluation loss, compared with a HK$6.42bn gain a year earlier.
Excluding non-cash items, core profit rose 63% to HK$4.45bn. But without the HK$3.69bn one-off gain from selling its listed securities, recurring core profit fell 50.46% to HK$759m from HK$1.53bn.
South China Morning Post