Shanghai-focused Shui On Land says first-half net income falls 29%
Shui On says mainland market affected by trade tensions, geopolitical uncertainty and subdued consumer confidence
In a filing with the Hong Kong stock exchange, the company said its profit attributable to shareholders fell to 51 million yuan (US$7.1 million) from 72 million yuan a year earlier, as the mainland market was affected by trade tensions, geopolitical uncertainty and subdued consumer confidence. Revenue was 2.07 billion yuan in the first half.
In a briefing on Thursday, Shui On chairman Vincent Lo Hong-sui said it would take some time for the property market to hit bottom as the mainland’s macroeconomic outlook remained uncertain.
“Although the market remains depressed, our high-quality portfolio, stable finances and sound business model continue to put us in a good position to seize the opportunities that have arisen in this down market and when better times return,” Lo said.