Chinese property developer Country Garden anticipated a loss of between 45 billion yuan ($6.23 billion) and 55 billion yuan for the first half this year, the Hong Kong-listed real estate company announced on Thursday night.
The loss came after the property market kept going downward, the gross profit margin continued to shrink and the foreign exchange market fluctuated, said the filing.
Admitting that it was facing the greatest challenge since its establishment, Country Garden's capital flow is under pressure for the moment due to the deterioration of sales and refinancing environment.
"As the overall industry is facing an extremely difficult situation, the company has made every effort to help itself out. But the market is yet to reach a recovery, and the restoration of the market and capital market confidence will take time, so the enterprise is under mounting pressure in operation," said Country Garden.
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