By Alex Ho
Investing.com – Evergrande Real Estate Group Ltd (HK:)’s shares in Hong Kong plunged 15% on Monday in Asia after the company said it expects its 2019 net profit to fall 50%.
In a statement released on Sunday, the developer issued a profit warning and said the clearance of properties had lowered the group’s unit sales price. Net profit for the year is expected to be about CNY 33.5 billion, Evergrande said.
Evergrande also noted that it expects net profit from its core business to decrease 48% to CNY 40.8 billion.
Shares of the developer last traded at HK$10.16 per share by 10:50 AM ET (02:50 GMT), down 15.1%.
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