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Zhong Jiang Real Estate '09 profit dives over 90%
(Xinhua)
Updated: 2010-03-17 09:52
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Jiangxi Zhong Jiang Real Estate Co Ltd said Tuesday its net profit of 2009 slumps more than 90 percent.
The company's profit fell to 14.8 million yuan ($2.2 million) in 2009, down 92.38 percent year-on-year, according to its annual report filed to the Shanghai Exchange listed.
The report attributed the profit drop to the government's efforts to curb housing prices, including raising the reserve ratio and tightening bank lending.
Premier Wen Jiabao vowed to curb the excessive growth of home prices in major cities during the annual session of the National People's Congress.
Despite the report, the company's stock price rose 2.35 percent Tuesday to close at 8.71 yuan.
