SRE GROUP (01207) announced a net loss attributable to shareholders of 1.618 billion yuan in 2023, a year-on-year increase of 504.27%.

SRE GROUP (01207) announced its audited annual performance for the year ending December 31, 2023. The group achieved a revenue of RMB 599 million, an increase of 116.95% year-on-year. The company's shareholders' share of losses amounted to RMB 1.618 billion, an increase of 504.27% year-on-year, with a loss per share of 0.079 yuan. The announcement stated that the significant increase in losses was mainly due to: a significant loss in the performance of a joint venture entity as a result of the default of a syndicated loan for the Shanghai Daxing Street project in 2023, and the group made significant impairment provisions for other receivables and other financial assets related to the joint venture entity after careful assessment; and the continued downturn of the domestic real estate market and macroeconomic environment in 2023 led the group to make impairment provisions for several investment properties, property inventories, and other receivables after careful assessment.