Chinese real estate developer Greentown China Holdings, which is currently trying to buy back a $400 million 9% bond issue, yesterday said that its revenues increased by 15.6% to Rmb6.6 billion $968 million, while its net profit dropped 41% to Rmb540.3 million.
While this doesn't sound too bad for a company operating in China's troubled property sector, equity investors were unimpressed and pushed the company's share price 6.8% lower on the day. No doubt, the sell-off was partly triggered by the management's projection that 2009 will still be a difficult and uncertain year for Greentown due to the continued impact of the global economy on China's economic recovery in the short-term and the continuing...
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