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More Companies Divest Real Estate as Govt Tightens Curbs: Journal

CHINA PRESS
MNI (Singapore)

More than 10 listed companies in China are in the process of selling their real estate divisions as the authorities maintain tight controls over housing investments, the China Securities Journal reported. Many of these companies are in the agriculture and steel industries, which carry low gross profit margins and previously relied on the high-leverage and high-turnover real estate business to gain margins. The share price of Beijing Shunxin, an agricultural company, rose to a daily limit on Tuesday after the company announced sales of its real estate subsidiary. The gross profit margin of the real estate industry may fall further as some developers will suffer losses on prolonged projects with land parcels acquired at a high premium rate in the past few years, the newspaper said citing insiders.

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