Caixin
Aug 31, 2022 04:35 PM
BUSINESS

Chinese Property Giants See Fortunes Diverge During Crisis

Country Garden's Fengming Haishang residential development in Shanghai on July 12. Photo: Bloomberg
Country Garden's Fengming Haishang residential development in Shanghai on July 12. Photo: Bloomberg

(Bloomberg) — China’s two biggest property developers saw contrasting fortunes in the first half as the nation’s real estate crisis deepened.

Country Garden Holdings Co., the largest builder by sales, posted a record 96% drop in profit on Tuesday, citing a “severe depression” in the property market. Bucking the slowdown, its biggest rival China Vanke Co. reported an 11% increase in net income, propelling its shares higher on Wednesday morning.

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