Summary by Moomoo AI
JING TAIFU GROUP ISSUED A PROFIT WARNING ON MARCH 24, 2024, EXPECTING A LOSS OF NO MORE THAN RMB 190 BILLION IN 2023, A SIGNIFICANT INCREASE FROM THE LOSS OF RMB 92.41 BILLION IN THE SAME PERIOD IN 2022. The loss was primarily due to unfavorable market conditions in the Chinese real estate market, including increased gross loss rates, depreciation of property items, increased losses in fair value of invested properties, increased financing costs and deferred tax asset write-offs. JING TAIFU GROUP IS FACING INDUSTRY DIFFICULTIES, BUT REMAINS COMMITTED TO STABLE PROPERTY DELIVERY AND BUSINESS OPERATIONS AND SEEKS SOLUTIONS TO ALLEVIATE ITS LIQUIDITY PROBLEMS. The Company has appointed financial and legal advisors to evaluate the capital structure and liquidity and explore solutions. The annual results are expected to be released by the end of March 2024. Shareholders and potential investors should exercise caution.