Guangzhou R&F Properties saw its net profit drop 14.92 per cent to 6.5 billion yuan (HK$8 billion) last year due to lower property sales amid the market doldrums.
Turnover fell 4.32 per cent to 34.7 billion yuan.
Although contract sales registered a year-on-year increase of 29 per cent to 54.4 billion yuan, they fell short of the original sales target of 60 billion yuan.
Chairman Li Sze-lim said the property market continued to undergo a correction last year in line with the wider economic shift to a “new normal”, with control measures being kept firmly in place until late in the year.
“This meant lower sales prices and lower volumes of sale in most cities as well as fewer land transactions setting record prices, and less investment in the industry,” he said in a company statement filed with the stock exchange shortly after the stock market’s morning close.
He said the firm would move more heavily into first- and second-tier cities.