China’s Biggest Builder Warns Core Profit Could Plunge 70%

(Bloomberg) — China’s largest developer Country Garden Holdings Co. Ltd. warned that first-half earnings probably tumbled by as much as 70% amid an escalating property crisis in the country. 

The Foshan-based company said preliminary core profit could reach 4.5 billion yuan ($664 million) to 5 billion yuan for the first six months of the year, down from 15.2 billion yuan a year earlier, according to a filing on Thursday.