Country Garden Services First-Half Profit Fell Amid China Property Downturn
By Bingyan Wang
Country Garden Services Holdings reported lower profit for the first half of 2023 amid China's lackluster real-estate market.
The property-management affiliate of developer giant Country Garden Holdings said Tuesday that profit for the period fell 8.7% to 2.35 billion yuan ($322.3 million), weighed by the higher cost of services. Revenue was CNY20.73 billion, compared with CNY20.05 billion a year earlier, it said.
The cost of services rose to CNY15.09 billion in the first half from CNY14.02 billion a year earlier, the company said. Total bank deposits and cash remained strong, at CNY12.71 billion.
The company said the Chinese government's regulations will likely continue to affect business growth.
Write to Bingyan Wang at bingyan.wang@wsj.com
(END) Dow Jones Newswires
August 29, 2023 01:20 ET (05:20 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.-
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