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Chuang's China (00298.HK) reported a 70.4% decline in mid-term revenue to approximately 20.9 million Hong Kong dollars.
On November 27, Gelonghui reported that Chuang's China (00298.HK) announced its interim performance for the six months ending on September 30, 2024, with a revenue drop of 70.4% to approximately 20.9 million HKD; the loss attributable to equity holders of the company was 0.176 billion HKD. It recorded a net cash of 0.288 billion HKD. The total cash reserves of the group (including bonds and securities investments of 22,300,000 HKD) amounted to 0.541 billion HKD. The net asset value per share was 1.38 HKD. The loss per share was 7.51 cents. In Hong Kong, as the Hong Kong government implemented several talent immigration programs and relaxed mortgage loan restrictions.
CHUANG'S CHINA: INTERIM RESULTS FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2024
Chuang's china (00298.HK) will hold a board of directors meeting on November 27 to consider and approve the interim performance.
Gelonghui, November 15丨Chuang's China (00298.HK) announced that a board of directors meeting will be held on November 27, 2024 (Wednesday) on the 25th floor of Alexandra House, 18 Chater Road, Central, Hong Kong, which will include consideration and approval of (i) the interim results of the company and its subsidiaries for the six months ended September 30, 2024, and their publication, and (ii) if applicable, the distribution of dividends.
Chuang's China Investments Plans Board Meeting for Interim Results
Chuang's China (00298.HK) top floor with rooftop feature unit in The Cullinan, Ap Lei Chau, sold for 7.34 million yuan, setting a new record for the project.
Chuang's China (00298.HK) announced that its Yau Tong boutique residence project 'ARUNA Soho' recorded a transaction today (11th) for a special unit with a top floor connected to a rooftop. The unit sold was Unit D on the 28th floor, with a practical area of 273 square feet, featuring a one-bedroom suite with a 151 square foot rooftop. The fill price is approximately 7.34 million yuan, with a price per square foot of about 26,900 yuan, both setting new highs for the project.
Standard & Poor's expects that Hong Kong property prices will stabilize next year, raising the sales volume forecast for new projects to 0.02 million units.
Rating agency Standard & Poor's released a report stating that after a nearly 30% decline in high Hong Kong property prices in 2021, they are expected to stabilize next year. However, local developers are still struggling, mainly due to high inventory, and the recognition of residential projects purchased during the period of high land prices will further pressure profit margins. Nevertheless, Standard & Poor's believes that with the government relaxing housing market measures and interest rates trending downwards, they have revised their forecast for next year's new home sales volume to 0.02 million units. In addition, Standard & Poor's expects that the future three to four years' new supply may exceed 80% of the government's ten-year private residential supply target.
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