Key facts
- China Cinda Asset Management Co. Ltd. expects a 60%-70% drop in first-half net profit.
- The company attributes the profit decline to the ongoing property market slump.
- China Cinda forecasts an overall net profit decrease of 20%-25%.
China Cinda Asset Management Co. Ltd. has issued a warning regarding its financial performance, expecting a substantial decrease in net profit for the first half of the year. The company projects a profit fall of between 60% and 70% year-on-year. This anticipated decline is directly linked to the ongoing slump in China's property market, which continues to exert pressure on financial institutions exposed to the sector. In addition to the first-half figures, China Cinda forecasts an overall net profit reduction of 20% to 25% for the entire period. The company's warning highlights the severe impact of the real estate crisis on its profitability and financial health.