According to OUE, GPI’s business in China was “adversely impacted” by the slow-down in the country’s property sector. Its current economic environment was also another factor.
OUE Limited has guided for a loss for the 1HFY2024 ended June 30 compared to earnings of $40.2 million in the corresponding period the year before.
The loss is mainly attributed to the estimated losses from Gemdale Properties and Investment Corporation Limited (GPI), an investee company that is 25.2%-owned by OUE (SGX:LJ3
) .
