Chinese Estates Holdings expects to report a loss for last year, its first red ink since 2002 amid the downturn in the mainland and Hong Kong property markets.
Analysts said other landlords were also likely to post net losses for 2008 because of the deteriorating property market.
The mid-tier developer said the market downturn would result in unrealised valuation losses for its investment properties, which would be recognised in the income statement.
Although it did not specify the size of the loss, the news sent the stock down 7.85% when it resumed trading yesterday afternoon. It closed at HK$8.14, down 4.57%.
South China Morning Post