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China Evergrande expects H1 net profit to drop 49% YOY

China Evergrande Group expected its first-half net profit to fall 49% to approximately 27 billion yuan from a year earlier as it built fewer flats.

In the six months ended June 30, the Chinese developer's net profit from its core business is also likely to fall 45% to about 30 billion yuan from a year earlier, the company added.

The Hong Kong-listed developer noted that its contracted sales figure for the first half of 2019 is "comparable" to the same period in 2018.

It added in a filing that it expects to release its results for the review period in late August.

As of Aug. 9, US$1 was equivalent to 7.06 yuan.