Top China homebuilder Country Garden to book net loss for 2022

The logo of property developer Country Garden is seen on a building in Dalian, Liaoning province, China May 7, 2017. REUTERS/Stringer

HONG KONG: Top Chinese property developer Country Garden Holdings said on Monday it expected to post its first net loss since listing in 2007 due to a sluggish property market and flagged a worse-than-feared drop in core profit.

China's top homebuilder by sales was the latest in a growing list of developers that have warned they would report a loss or drop in profit for 2022 after being hit last year by a debt crisis and COVID-lockdowns that delayed or halted home-building.