Chinese property developers are finding themselves forced to sacrifice profits to boost sales, as the downturn in the housing market saddles them with bulging inventories and limited access to new funding.
Most listed mainland homebuilders recorded a steady rise in revenue last year, but sharp declines in profit for many are a symptom of aggressive price-cutting designed to shift stock and generate much-needed cash in the debt-laden sector.
Revenue at Agile Property increased 8 per cent in 2014, the company said in its latest earnings report yet profits sank 11 per cent. Profit fell by 15 per cent at Guangzhou R&F and by 8 per cent at Yuzhou Properties, even as both reported growth in sales.
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