China developer's profit falls 93% in fresh blow to property market

Soho China reveals 1H plunge hours after Evergrande seeks bankruptcy protection

The Wangjing Soho Project In Beijing: Soho China reported a 93% on-year drop in its net profit in the first half of the year, adding to worries about the health of China's property sector © Getty Images

KENJI KAWASE and ECHO WONG, Nikkei staff writers

August 18, 2023 14:08 JST

Updated on August 18, 2023 18:14 JST

HONG KONG -- China's property sector took another hit on Friday, as mainland developer Soho China disclosed a sharp fall in its profit and outlined its dire financial situation just hours after China Evergrande Group filed for bankruptcy protection in a New York court.

Soho China, a Hong Kong-listed midsize developer that focuses on commercial estates, reported a net profit of 13.61 million yuan ($1.89 million) for the first six months of the year, down 93% from a year earlier.