Country Garden Affiliated Property Manager Writes Down $576 Million

Country Garden Services Holdings Co. Ltd., China’s largest residential property manager, anticipates a decrease in profit of up to 4.1 billion yuan ($576 million) this year due to impairments, indicating the prolonged debt crisis developers are facing is spilling over to their business partners.

Hong Kong-listed Country Garden Services said it will book an impairment provision of between 1.8 billion yuan and 2.3 billion yuan for the trade receivables due from related parties, according to a filing late Monday.