Longfor sees core profit drop up to 40 percent last year

Chinese developer Longfor (0960) expects its core net profit, which excludes effects of fair value changes of investment properties and other derivative financial instruments, to drop by 35 to 40 percent last year from 11.35 billion yuan (HK$12.2 billion) in 2023 amid a sluggish market.

The downturn in the real estate industry resulted in the decline in revenue recognized and gross profit margin recognized of the property development segment of the developer, according to a filing on Friday. 

STAFF REPORTER