A Hong Kong-listed subsidiary of indebted Chinese conglomerate HNA Group has issued a profit warning ahead of its full-year financial results being released later this month.
Hong Kong International Construction Investment said in a statement that it expected a “substantial decrease” in profits for 2017 compared to the HK$134m ($17m) it reported for the nine months to the end of 2016.
The company blamed the performance on weak profit margins at its foundation piling business, which it attributed to “intense market competition in Hong Kong”, and on lower profits from property sales in Shenyang, northeast China.
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