Longfor : Longfor Group Posts Decline in Net Profit, Revenue Amid Property Slump

By Jiahui Huang Chinese property developer Longfor Group's net profit and revenue declined in 2024 amid a continued sector downturn in the world's second-largest economy. The Beijing-based company's net profit fell 19% to 10.40 billion yuan, or equivalent of $1.43 billion, compared with the previous year. Its revenue dropped to 127.47 billion from 180.74 billion yuan in 2023. Revenue from Longfor's core property development business fell 35% to 100.77 billion yuan. While revenue from its property development and services segment declined last year, revenue from its investment property operation and property service segments rose 7.4% to CNY26.71 billion. Longfor is one of the few Chinese developers that have been increasing profits from asset management and investment properties instead of homebuilding, as the country's property sector remains mired in a years-long downturn. Looking ahead, Longfor said it will focus on reducing inventory in its property development business while replenishing land and improving its land bank structure. The company declared a final dividend of CNY0.10 per share for the full year 2024. Write to Jiahui Huang at jiahui.huang@wsj.com (END) Dow Jones Newswires 03-28-25 0109ET By Jiahui Huang Chinese property developer Longfor Group's net profit and revenue declined in 2024 amid a continued sector downturn in the world's second-largest economy. The Beijing-based company's net profit fell 19% to 10.40 billion yuan, or equivalent of $1.43 billion, compared with the previous year. Its revenue dropped to 127.47 billion from 180.74 billion yuan in 2023. Revenue from Longfor's core property development business fell 35% to 100.77 billion yuan. While revenue from its property development and services segment declined last year, revenue from its investment property operation and property service segments rose 7.4% to CNY26.71 billion. Longfor is one of the few Chinese developers that have been increasing profits from asset management and investment properties instead of homebuilding, as the country's property sector remains mired in a years-long downturn. Looking ahead, Longfor said it will focus on reducing inventory in its property development business while replenishing land and improving its land bank structure. The company declared a final dividend of CNY0.10 per share for the full year 2024. Write to Jiahui Huang at jiahui.huang@wsj.com (END) Dow Jones Newswires 03-28-25 0109ET