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Country Garden among property developers reporting slowdown in half-yearly profit as era of ‘skyrocketing’ growth ends

Four mainland Chinese property developers reported slow growth in half-yearly profits on Thursday, in a sign even the top companies are losing momentum amid tighter regulations and slowing sales growth.Country Garden, the largest seller of homes in China, reported a 23.4 per cent increase in its interim core net profit, excluding valuation gains and foreign-exchange losses, to 15.98 billion yuan (US$2.25 billion) for the six months ending on June 30, according to a filing with the Hong Kong… Source link

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Banks urged to prepare for new financial reporting standards – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Banks should explore the uses of advanced data analytics and automation to deal with the complexity of the IFRS 9 standard. — VNA/VNS Photo HÀ NỘI — Despite a draft roadmap to apply International Financial Reporting Standards 9 (IFRS 9) compulsorily in Việt Nam from 2025, domestic banks should start preparations now as the complex norms have proved a major challenge for global financial institutions, experts have said. Under the draft IFRS roadmap released recently by the Ministry of Finance, IFRS implementation will become compulsory for the consolidated financial statements of all…

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China’s biggest banks well prepped on non-performing loans, ready for stricter reporting standard

The latest window guidance, which calls for recognising NPLs at more than 60 days overdue, has only been issued to China’s six biggest banks: Industrial and Commercial Bank of China, Bank of China, China Construction Bank, Agricultural Bank of China, Postal Savings Bank of China and Bank of Communications. Photo: Reuters Source link

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Wheelock sets a ‘conservative’ sales target of HK$10 billion this year after reporting 9 per cent rise in core profit

Wheelock and Co, which invests in property, hotels and logistics, set a conservative sales target of about HK$10 billion (US$1.27 billion) for this year after the group reported a modest gain in core profit for last year.Underlying profit, excluding revaluation gains on investment properties, amounted to HK$13.2 billion for the year to December 31, up 9 per cent from 2017.“We will increase our sales volume as a way to reduce interest expenses, maintenance cost and decoration as well,” chairman… Source link

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Country Garden, China Evergrande and China Vanke among developers reporting decline in January home sales

Mainland Chinese property developers have reported a decline in home sales for January, in a sign the Year of the Pig could be in for a rocky start. According to property consultancy CRIC, more than 30 per cent of the mainland’s top 100 developers posted a year-on-year drop in housing contract sales, or presales of unfinished homes, for the first month of 2019. Among these, 13 reported a more than 30 per cent decline in sales. Buoyed by easing, expected end to Fed rate hikes, China developers issue US$8.6 billion…

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Hengan International continues to fall as it refutes fraudulent reporting allegations

Shares of China’s leading sanitary towel and nappy producer Hengan International Group fell as they resumed trading on Thursday, even as it denied allegations from a short seller of fabricating income. The stock dropped 4.4 per cent to HK$54.55 as of 1.38pm. It fell 5.7 per cent before trading was halted on Wednesday after Bonitas Research alleged in a report the company had fabricated a total of 11 billion yuan (US$1.6 billion) of net income since 2005. The company “denies all of the allegations against” it in the Bonitas report,…

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