The Housing Society released its 2021/22 annual report and recorded a loss of 1.259 billion yuan.
The Housing Society explained that the year-on-year decline in total revenue was mainly due to no property sales during the year and a decline in investment portfolio returns.
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According to the annual report, the Housing Society recently recorded a net loss of 1.259 billion yuan.
As of March 31 this year, the total revenue of the Housing Society recorded a total of 1.064 billion yuan, a 93% drop from last year and a year-on-year decrease of 13.26 billion yuan.
The Housing Society explained that the sharp drop in total income was mainly due to no property sales during the year and a decline in investment portfolio returns.
In the current financial year, investment income fell by about $7 billion, recording a loss of $725 million.
The latest net assets amounted to 48.7 billion yuan
The latest net assets of the Housing Society amounted to 48.72 billion yuan, a decrease of about 3% compared with last year, of which 11.2 billion yuan was for investment properties and 9.9 billion yuan was for sale properties under development.
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