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Chinese Estates anticipates attributable net loss for H1

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Chinese Estates anticipates attributable net loss for H1

Chinese Estates Holdings Ltd. is expecting to record a consolidated net loss attributable to owners of the company of between HK$345 million and HK$382 million for the six-month period ended June 30, compared with the HK$2.56 billion consolidated net profit attributable from a year earlier.

The Hong Kong-headquartered diversified real estate company is also anticipating its revenue for the period to drop year over year within the range of 12% to 22% from HK$673 million.

The company is attributing the net loss and decline in revenue to the decrease in sales of trading properties, increase in rental revenue, no gain on disposal of subsidiary during the period and loss on fair value changes on investment properties, among other reasons.

Chinese Estates, which holds a 6.5% interest in China Evergrande Group as of July 3, also anticipates to record a significant expense in the consolidated total comprehensive expenses attributable to the owners due to the fair value change of the Evergrande shares.

The company's interim results is expected to be released in late August.