Summary by Futu AI
Sino-Ocean Group (SINO-OCEAN GP) announced the interim performance for the six months ending June 30, 2024, showing a 49% year-on-year decrease in contractual sales, a 36% decrease in operating income, and a 2% gross margin. The company's attributable losses decreased by 71% year-on-year, with a basic and diluted loss per share of RMB 0.707. The interim performance was affected by the continued downturn in the domestic real estate market, coupled with policy measures implemented by the central government, which will take time for the market to warm up. The company faces challenges such as reduced sales receipts, difficult asset disposal, and challenging refinancing. Looking ahead to the second half of the year, the company expects continued challenges in the real...Show More