China’s top property developer expects first loss since 2007 flotation

Country Garden’s 2022 forecast is another blow for country’s embattled sector

China’s top property developer expects to record a loss in 2022 – its first since the company went public in 2007 – in another blow for the country’s embattled property sector.

In a filing to the Hong Kong stock exchange on Monday, Country Garden said that the losses for 2022 would amount to between 5.5bn yuan and 7.5bn yuan (£663.6m-£904.9m). In 2021 Country Garden’s profits reached 26.8bn yuan.