On March 8, GLONGHUI | Chenxing Development (02286.HK) announced that the Group expects to record a comprehensive net loss of about RMB 130 to RMB 160 million for the year ending December 31, 2023, while the consolidated net profit for the previous year was approximately RMB 50.9 million.
The net consolidated loss for fiscal year 2023 was mainly due to a sharp decrease of approximately 75% in revenue generated from property development from approximately RMB 1,188 million in fiscal year 2022 to approximately RMB 298 million in fiscal year 2023.