Zhongjun Group Holdings (01966) issued an announcement and the parent company owned for the year ended December 31, 2022...
According to the Zhitong Finance App, Zhongjun Group Holdings (01966) issued an announcement. Compared with the profit attributable to parent company owners of about RMB 24.5 million for the year ended December 31, 2022, the Group expects the loss attributable to parent company owners for the year ended December 31, 2023 to be between approximately RMB 7.8 billion and RMB 8.3 billion. The expected shift in operating performance is mainly affected by the decline in demand in the Chinese real estate market in 2023: (1) the decline in property delivery, which confirmed a decrease in property sales revenue; (2) the decline in property sales prices, leading to a decline in gross margin and an increase in impairment provisions for property projects; and (3) the decline in commercial property demand led to a loss in the fair value of investment properties.