(Bloomberg) — Country Garden Holdings Co. said first-half earnings plunged 96%, the most since its 2007 listing in Hong Kong, as China’s property crisis engulfed the nation’s largest developer by sales.
Unaudited net profit slumped to 612 million yuan ($88 million) in the six months ended June, a filing by the Foshan-based company showed Tuesday. Core net profit, which adjusts for items including property revaluations, dropped 68%.
Country Garden had earlier warned that earnings would tumble, underscoring how the sector’s woes have spread to developers once considered to be relatively safe. The company is trying to shore up its balance sheet after losing its investment grade at Fitch Ratings and Moody’s Investors Service.
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