ShenZhen Properties & Resources Development(Group) Ltd. (000011.SZ) is expected to incur a net loss of 1.03 to 1.2 billion yuan in 2024, a change from profit to loss year-on-year.

ShenZhen Properties & Resources Development (Group) Ltd. (000011.SZ) released its 2024 performance forecast, expecting a net loss attributable to shareholders of the listed company of 1.03 billion to 1.2 billion yuan for the full year, a year-on-year change from profit to loss. The reasons for the performance change are: during the reporting period, the company's real estate business revenue settlement amount and gross profit margin decreased; at the end of the reporting period, there were indications of impairment in the company's real estate development projects. Based on prudence principle, an asset valuation agency was hired to conduct preliminary assessments and impairment testing on the projects, and asset impairment provisions were made in accordance with accounting standards.