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Search resuls for: "Clare Jim Donny Kwok"


3 mentions found


☆ Top China homebuilder Country Garden to book net loss for 2022
  + stars: | 2023-03-13 | by ( Clare Jim Donny Kwok | Clare Jim | Donny Kwok | ) www.reuters.com   time to read: +3 min
HONG KONG, March 13 (Reuters) - Top Chinese property developer Country Garden Holdings (2007.HK) said on Monday it expected to post its first net loss since listing in 2007 due to a sluggish property market and flagged a worse-than-feared drop in core profit. Country Garden said in a filing its estimated net loss would be between 5.5 billion yuan to 7.5 billion yuan ($799 million to $1.09 billion), down from a 26.8 billion yuan profit in 2021. It said core net profit was expected to be in the range of 1 billion yuan to 3 billion yuan, still positive but down sharply from 26.9 billion yuan in 2021 and well below analysts' forecasts for core profit around 9.3 billion yuan, according to SmartEstimate. Smaller developer Logan Group Co Ltd 3380.HK also said it expected to record a net loss of 7 billion yuan to 9 billion yuan for 2022. "We expect to see more profit warnings for both China property and property management ahead," said Raymond Cheng, head of China research at CGS-CIMB Securities Ltd.
☆ Hong Kong hands out cash, cuts duties despite larger deficit
  + stars: | 2023-02-22 | by ( Clare Jim Donny Kwok | Clare Jim | Donny Kwok | ) www.reuters.com   time to read: +4 min
Hong Kong will issue vouchers worth HK$5,000 ($637) per person to all adults this year, half the amount issued in 2022. Hong Kong usually runs balanced budgets or surpluses, since its pegged currency system commits it to fiscal prudence. "HAPPY" HONG KONG? He also said a "Happy Hong Kong" campaign would be launched for the general public, including gourmet food fairs and harbourfront carnivals that would help stimulate consumption. ($1 = 7.8488 Hong Kong dollars)Additional reporting by Jessie Pang; Writing by Marius Zaharia and James Pomfret; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
☆ Hong Kong flags handouts to support recovery from COVID shock
  + stars: | 2023-02-22 | by ( Clare Jim Donny Kwok | Clare Jim | Donny Kwok | ) www.reuters.com   time to read: +2 min
HONG KONG, Feb 22 (Reuters) - Hong Kong will give more handouts to consumers to support the city's recovery from a prolonged economic downturn induced by COVID-19 restrictions, Financial Secretary Paul Chan announced in the 2023/24 budget on Wednesday. "However, the economic recovery is still in its initial stage, and there is a need for our people and businesses to regain vigour." Hong Kong counts on increased cross-border business with mainland China, which has also given up enforcing COVID rules. Hong Kong usually runs balanced budgets or surpluses, since its pegged currency system commits it to fiscal prudence, but still has ample reserves. ($1 = 7.8488 Hong Kong dollars)Additional reporting by Jessie Pang and Donny Kwok; Writing by Marius Zaharia; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.
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