Shui On Land, a Shanghai- based developer controlled by Hong Kong billionaire Vincent Lo, said first-half underlying profit slumped 95 per cent after property sales dropped and prices fell. Net income before revaluation of investment properties fell to 15 million yuan (HK$18.36 million) while revenue fell 8 per cent. Bloomberg
Country Garden Holdings has set a 43 billion yuan contract sales target this year after announcing its interim profit rose 3.7 per cent to 2.97 billion yuan in the first half. The company said it had locked up 40 per cent of target sales in the first half. Sandy Li
Sony said yesterday that it would chop 15 per cent of the workforce, or 1,000 employees, at its struggling mobile phone unit and move its headquarters to Tokyo from Sweden. Sony has already said it would cut about 10,000 jobs worldwide. AFP