China's Evergrande Subsidiary Sees Major Decline in Annual Profit | Business Matters (Mar. 7)

China's Evergrande Property Services Group said on Friday it expects to record a decrease of up to 37% in its annual profit for the year ended December 31, 2024, due to legal expenses related to a deposit pledge, among other reasons. In early January, a Guangzhou city court ordered the firm's parent China Evergrande to repay pledge guarantees on deposit certificates totalling 13.4 billion yuan ($1.85 billion).