Chinese developers Poly, Longfor, CIFI report mixed results as forlorn property market awaits buyer-confidence rebound
- ‘There is still room for improvement on policy for both the supply and demand sides,’ CIFI chairman says
- Company leaders pledge to marshal resources carefully in 2024 as they strike a cautious tone about any potential recovery
Homebuyer confidence remains weak despite stronger policy support for the property market, according to the companies’ leaders, who pledged to marshal their resources carefully and struck cautious tones about any potential recovery in 2024.
State-owned Poly Property reported a nearly 77 per cent year-on-year jump in profit attributable to shareholders to 1.45 billion yuan (US$199.5 million), according to the company’s annual report published on Tuesday. Contracted sales rose 7 per cent to 53.6 billion yuan compared with the previous year.
Net profit for Beijing-based Longfor Group dropped nearly 50 per cent year on year to 12.9 billion yuan as its contracted sales slid 14 per cent to 173.5 billion yuan.
Shanghai-headquartered CIFI Holdings posted a net loss of 9 billion yuan for 2023, 31 per cent narrower than a 13 billion yuan loss in the previous year. Contracted sales dropped 44 per cent year on year to 70 billion yuan.
