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Bond Market News
Longfor Group Warns of Profit Decline Amid Real Estate Slowdown
August 18, 2025
Longfor announced yesterday it is expecting 1H2025 net profit attributable to shareholders to decline 45% YoY to RMB 3.2bn ($450mn), and core net profit (excluding fair-value changes on investment properties and derivative financial instruments) to fall 70%. The decline was attributed to lower gross margins in the property development segment, owing to the industry downturn. That said, Longfor stated that its investment property and property services businesses continue to grow. In addition, the company’s operating cash flow (including capex) remains positive, debt has steadily declined, and the company has fulfilled all debt obligations. Longfor stated it remains committed to enhancing its product and service capabilities and ensuring sustainable development across its business segments.
Longfor’s dollar bonds were trading stable with its 3.375% 2027s at 92.1 yielding 8.61%.
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