(Yicai Global) March 13 -- Shares of Country Garden Holdings dropped after the largest Chinese property developer last year turned profits into losses due to the industrywide downturn.

Country Garden [HKG: 2007] ended the day 4.1 percent lower at HKD2.10 (US 27 cents), after falling as much as 5.5 percent intraday. 

Net loss may range between CNY5.5 billion and CNY7.5 billion (USD798.8 million to USD1.1 billion) for last year, compared to a net profit of CNY26.8 million (USD3.9 million) in 2021, mostly due to the shrinking property market, the Foshan-based firm forecast today.

But if deducting impacts from changes in the fair value of assets and exchange losses, the real estate company logged a core net profit ranging between CNY1 billion and CNY3 billion.

Country Garden delivered almost 700,000 housing units in 2022, ranking No. 1 in the country while maintaining sound financial and credit conditions, it said. 

The company was able to issue bonds last year with government support amid rivals' financing issues. It penned agreements with dozens of banks for over CNY300 billion (USD43.5 billion) of intended lines of credit.

Last year, China's top 100 property developers recorded sales of CNY6.5 trillion (USD942.9 billion), down 42 percent from 2021, per data released by China Real Estate Information. Country Garden topped the list with CNY464.3 billion (USD67.4 billion) in revenue, 39 percent lower than in 2021.

Editor: Emmi Laine, Xiao Yi