Sunac China warns of substantial loss for 2024

Sunac China Holdings Limited (HKEX: 1918) has issued a profit warning, anticipating a loss attributable to owners ranging from RMB25.5 billion to RMB26.0 billion for the year ended December 31, 2024. This compares to a loss of approximately RMB7.97 billion for the previous year, which included gains from onshore debt restructuring. The expected loss is primarily attributed to a significant reduction in recognized revenue due to the market downturn and provisions for asset impairment and contingent liabilities. Excluding the impact of debt restructuring gains, the company expects the attributable loss to decrease compared to last year. The preliminary results are based on unaudited management accounts and have not been audited. Sunac China advises shareholders and potential investors to exercise caution and carefully review the full results announcement, expected by the end of March 2025.