Country Garden's Property Arm Predicts $150.03 Million Earnings Drop

15 Jan 2025 CW Team

The property services arm of Chinese builder Country Garden is expecting a drop of up to 1.10 billion yuan ($150.03 million) in annual earnings as its sanitation business plans to record an impairment charge for goodwill and tangible asset. The unit, Country Garden Services, said the impairment was primarily because the expansion of its sanitation business had not been carried out as was scheduled and expected in the past years, leading to a drop in both sales and profit. The long payment period of some customers of the sanitation business had also resulted in some "unsatisfactory" cash flows, Country Garden Services said in an exchange filing. It does not expect the charges to affect the normal operations of the firm, the company said, adding it had enough working capital and a stable business operation. The company expects to report its fiscal 2024 results in mid-to-late March 2025, it said. Property developer Country Garden, which has been in the middle of a prolonged local debt crisis, said last week it had proposed a deal to its offshore creditors to cut its debt by $11.6 billion.

Infrastructure Urban

07 Nov 2025

Welspun Enterprises Wins 910 MLD Panjrapur WTP Contract

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Mitsubishi Power Wins Boiler Upgrade Contract for O Mon 1 Plant

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Liebherr’s 10,000th XPower Wheel Loader Joins BERGER’s Fleet

BERGER Rohstoffe GmbH has welcomed the 10,000th Liebherr XPower wheel loader to its operations at the Schlag granite quarry in Passau. The milestone machine, officially handed over at Liebherr’s Bischofshofen plant in May 2025, underscores the long-standing partnership between BERGER, Liebherr, and the Beutlhauser Group. Equipped with Liebherr’s signature power-split travel drive, the new L 580 XPower is already delivering strong results under demanding quarry conditions.At the Schlag quarry, BERGER Rohstoffe processes approximately 200,000 tonnes of Bayerwald granite annually into high-qu..