China Fortune Land Development (600340.SH) issued a profit warning, expecting a net loss of 4 to 6 billion yuan in 2024.

China Fortune Land Development (600340.SH) announced that, according to preliminary calculations by the company's finance department, it is expected to incur a loss in the year 2024, with a net profit attributable to shareholders of the listed company ranging from -60 billion yuan to -40 billion yuan; and an expected net profit attributable to shareholders of the listed company after deducting non-recurring gains and losses ranging from -133 billion yuan to -113 billion yuan. As the company's debt restructuring work continues to progress, overall funding costs remain at a relatively low level, but the amount of outstanding debt is still substantial. At the same time, as existing real estate projects are completed, delivered, and transferred, the project carriers capable of capitalizing interest expenses further decrease significantly, leading to a very low current interest capitalization rate and high financial expenses. The company will continue to advance the "Debt Restructuring Plan", promote the signing of financial debt restructuring agreements, and carry out various work to further alleviate the company's financial expense pressure. Taking into account the current industry situation, based on enterprise accounting standards and company accounting policies, the amount of impairment losses recognized for certain assets has increased compared to the same period last year. The company is determined to fulfill its "keep delivering buildings" mission, continue to advance debt restructuring, focus on business operations, adhere to improving quality and efficiency, firmly pursue the strategic direction of "comprehensive transformation into an industry new city service provider", and accelerate the company's transformation and development.