Longfor Chinese Developer's Profit Plummet Reflects Housing Market Decline
Friday, 22 March 2024, 10:57
Longfor Chinese Developer
Chinese developer Longfor experienced a drastic 50% decrease in net profit in 2023, from 24.36 billion yuan in 2022 to 12.85 billion yuan.
Housing Market Condition
- Revenue Decline: Revenue from property development declined by 31.3% year on year to 155.86 billion yuan.
The poor financial performance of Longfor reflects the challenges in the current housing market, emphasizing the need for strategic measures to address the decline.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.