Yanlord Land Group has issued a profit warning ahead of the release of its results for 2HFY2023 and FY2023 ended December.
In a bourse filing on Jan 8, Yanlord’s board of directors says it expects a net loss due to “softer” demand for real estate in China.
“Against the backdrop of the challenges posed by the real estate market environment in the People’s Republic of China (PRC), the probable net loss is primarily attributable to the provision for impairment losses on the group’s certain development properties in the PRC as a result of the lower selling prices due to softer general market demand, as well as potential fair value losses on the group’s certain investment properties in the PRC,” reads the statement.
Yanlord will release its results by Feb 29.
Shares in Yanlord closed flat at 55.5 cents on Jan 8.
