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Zhenro Properties signaled a profit warning in an HKEX filing on March 8. Zhenro said that it expects profits to fall “not more than 70%” for the year ending December 2021. It cited three reasons for the dip:
Zhenro also announced its contracted sales in February was at RMB 3.53bn ($560mn). This compares to RMB 13.407bn (2.1bn) during February 2021, a 74% drop.
Zhenro’s dollar bonds were flat, trading at distressed levels of 10-12 cents on the dollar.