Gungzhou R&F Properties recorded a 90% slump in first-half profit owing to fewer completions and the write-off of a deposit paid for a site.
The net profit of the largest developer in Guangdong fell to 160 million yuan (HK$181.52m) from 1.56 billion yuan a year earlier. It was mainly a result of the company completing only 418,300 square metres of development in the first six months, just 20% of the full-year target.
The profit was also affected by the write-off of a 241.2 million yuan deposit paid for a site in Foshan following the cancellation of the land use rights contract.
South China Morning Post