Source:
https://scmp.com/property/hong-kong-china/article/2134275/chinese-estates-profit-tumbles-42pc-rentals-fall-after
Business/ Companies

Chinese Estates profit tumbles 42pc after former chairman’s asset sell-offs

Developer sold rental income generating properties in Hong Kong, Shenzhen and Shanghai as part of the restructuring 

Joseph Lau Luen-hung, and his wife Chan Hoi-wan (in pink), just after he announced in March last year he had transferred his entire controlling stake in Chinese Estates, worth an estimated HK$16.99 billion, to her and his son Lau Ming-wai. Photo: Edward Wong

Chinese Estates Holdings, the Hong Kong property developer, on Thursday reported a 42 per cent plunge in full-year net profit for 2017 following a series of asset disposals, after a major share restructuring prompted by former chairman Joseph Lau Luen-hung’s recent failing health. 

The company’s shares ended 5.07 per cent lower at HK$12.72 following the results announcement, compared to a 1.48 per cent drop in the Hang Seng Index.