China’s biggest property developer Country Garden sees profits plunge 96%

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The company blames the ‘severe depression’ in the property market and says ‘only the fittest will survive’China’s biggest property developer Country Garden Holdings has reported a 96% drop in profits, blaming a “severe depression” in the country’s crisis-hit property market in which “only the fittest can survive”.The company, which is listed in Hong Kong, said preliminary net profit collapsed from 15bn yuan ($2bn) to 612m yuan ($88m) in the first six months of the year thanks to the housing market crisis that is slowly engulfing the Chinese economy. Continue reading... ...

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