China New Town Development (HKG:1278) expects a net profit of 56 million yuan for 2024, lower than 151.3 million for 2023, a Friday bourse filing said.
The real estate development company attributed the expected decrease to an investment loss on inventory impairment at a joint venture, a decrease in the fair value of Wuhan investment properties, and a year-on-year decrease in the reversal of certain financial asset impairments.
Shares closed nearly 2% lower on Friday.
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