Glory Sun Land Expects HK$2.3 Billion Loss for 2024 on Property Market Weakness
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Glory Sun Land Group anticipates a consolidated net loss of up to HK$2.3 billion for 2024, an increase from an HK$828 million loss the previous year. This loss is attributed to declining sales in its China real estate segment, higher write-downs on property inventories, decreased investment property values, and an impairment loss on a redevelopment project. The company reported a HK$1.57 billion loss in the first half of 2024, with shares dropping nearly 4% recently.
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