Caixin
Nov 30, 2022 08:46 PM
BUSINESS

Debt-Plagued Sunac Predicts Swing From Profit to Loss

Sunac expects to record a net loss attributable to its parent company of around 38 billion yuan in 2021. Photo: VCG
Sunac expects to record a net loss attributable to its parent company of around 38 billion yuan in 2021. Photo: VCG

Troubled developer Sunac China Holdings Ltd. has estimated that it swung tens of billions of yuan into loss last year, after previously forecasting billions in profit, as it makes provisions for mounting losses from properties and other business contracts.

The company attributed the loss forecast to the recurrence of Covid-19, the rapid downturn in property sales and significant changes in the company’s operating environment, according to a Tuesday filing with the Hong Kong Stock Exchange.

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