China’s largest developer Country Garden says it will slow down after construction-related deaths
New focus on safety announced on same day the company released strong interim results, leaving its shares up nearly 8 per cent
Country Garden, China’s most rapidly expanding property developer, said it would slow down after construction accidents that left seven workers dead.
“We will adjust the pace of launching new projects and will develop in a slower way. We have put safety and quality in the first place as we saw some construction accidents happen in the past couple months,” Country Garden president Mo Bin said on Tuesday.
Mo made his remarks at a briefing after the company released strong interim results. Its shares ended up nearly 8 per cent at HK$12.240 at the end of trading on Tuesday.
Even before the vow to focus on safety, China’s largest developer by sales was experiencing a slowdown in its home-sales growth, according to its interim report.
Its contracted sales slowed in the first half of the year compared to the same period in 2017, with 42.8 per cent growth versus 131 per cent growth, amid government cooling measures on the property market.