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

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

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.

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.

Related Stories

Gold Stories

Next Story
Real Estate

Peninsula Land launches 19 luxury villas in Pune

Pune’s residential landscape is witnessing a shift as premium homebuyers increasingly seek larger spaces, privacy and independent living options beyond high-rise apartments. Addressing this demand, Peninsula Land Limited, part of the Ashok Piramal Group, has launched AshokVillas, an exclusive collection of 19 premium furnished villas in Gahunje, Pune.The development combines the independence of a standalone home with the convenience and security of a managed residential community. Designed around low-density horizontal living, AshokVillas offers residents private spaces while providing acces..

Next Story
Infrastructure Urban

MyBranch Expands South India Network with 16 Workspace Centres

MyBranch has expanded its South India presence with a 50,000 sq ft flexible workspace network comprising 16 centres across 14 cities in Andhra Pradesh, Karnataka, Tamil Nadu and Telangana.The expansion reflects growing demand for flexible office infrastructure as businesses establish regional teams, satellite offices and operations beyond traditional metropolitan markets. MyBranch’s network spans Bengaluru, Coimbatore, Guntur, Hanamkonda, Hubballi, Hyderabad, Madurai, Mangaluru, Rajahmundry, Salem, Tirupati, Vellore, Vijayawada and Visakhapatnam, with a large office space in Chennai also und..

Next Story
Building Material

Walplast Launches Moisture-Resistant Gypsum Plaster Solutions

Walplast Products Pvt. Ltd. has expanded its HomeSure GypEx portfolio with the launch of GypEx MoistShield and GypEx Gold, two gypsum plaster solutions designed to address moisture-prone applications and improve plastering efficiency.The new products have been developed in response to the growing demand for faster construction processes, improved material performance and consistent surface quality. The solutions aim to simplify interior plastering while addressing specific application requirements across construction environments.“Through HomeSure GypEx MoistShield and GypEx Gold, we are exp..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

SPECIAL OFFER
QR Code