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Sundy Service Group Delays Annual Meeting
As a whole, the property management stocks are under pressure. Songdu Service (09608) fell by 10.81%. Morgan Stanley expects reduced management fees to put pressure on the profitability of property management stocks.
Kinwai Financial News | Property management stocks are under pressure as a whole. Songdu Services (09608) fell 10.81%, Powerlong Commercial (09909) fell 4.91%, Times Neighborhood (09928) fell 4.26%, Binjiang Services (03316) fell 2.95%, KWG Living (03913) fell 2.67%, and China RES Mixc (01209) fell 2.43%. JPMorgan published a research report stating that since June, Chongqing has seen many community owners requesting a reduction in management fees, with a rising trend. Currently, most requests have not been successful, and no similar requests have been seen in other regions of the mainland.
Sundy Service Group Books Lower Profit in 2023
Sundy Service Group's Subsidiary Extends Long Stop Date of Property Transfer
Sundy Service Group Reports Decreased 2023 Profits
Songdu Services (09608.HK) had a profit of 12 million yuan in the 2023 fiscal year, a decrease of 64.5% year-on-year, and will resume trading tomorrow.
On July 3, Gelonghui announced that Songdu Services (09608.HK) achieved revenue of RMB 26.24 million in the 2023 fiscal year, a decrease of 2.3% compared to RMB 26.86 million in the 2022 fiscal year. Gross margin in the 2023 fiscal year was 17.1%, a decrease of 4.5% compared to the 21.6% in the 2022 fiscal year. The net profit for the 2023 fiscal year was RMB 1.2 million, a decrease of 64.5% compared to RMB 3.38 million in the 2022 fiscal year. As of December 31, 2023, the group's property management services had a managed construction area of 9.6 million.
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