Chinese listed real estate firms have widely guided worse financial results for the third quarter.
According to a report by Xinhua-run cnstock.com Tuesday, 30 domestically listed real estate companies have so far guided their quarterly financial results, half of whom expected net losses and nearly half of whom estimated likely profit decline in the third quarter.
According to Securities Daily, the data pointed to falling profitability for China's real estate enterprises despite the fact that the 30 firms were only a part of the over 140 real estate companies listed on domestic stock exchanges.
After viewing their business performances, it was basically certain for Chinese real estate firms to report sliding profits in the third quarter, said an industry expert.
What's worse, it was the first time for 10 of the 15 real estate firms projecting net quarterly losses to suffer losses in the third quarter, hinting waning profitability of land price spread-relying development mode in Chinese localities.