The estimated loss attributable to shareholders, ranging from 5.5 billion yuan to 7.5 billion yuan for 2022, compared to 26.8 billion yuan profit in 2021, the Chinese developer said in a filing to the Hong Kong bourse.

Core net profit attributable to shareholders is expected to be in the range of 1 billion yuan to 3 billion yuan, as compared to 26.9 billion yuan in 2021 as provision of impairment for property projects and foreign exchange losses also hit results.

Smaller developer Logan Group Co Ltd also said it expected to record a net loss of 7 billion yuan to 9 billion yuan for 2022 amid delayed projects and a drop in income on the back of the impact of COVID-19.

($1 = 6.9025 Chinese yuan renminbi)

(Reporting by Donny Kwok; Editing by Kim Coghill)