OUE Limited expects net loss for FY 2024 amidst slowdown in China property market

This comes after a net profit of $81.1m in 2023.

OUE Limited is expecting to record a loss for FY2024, compared to a profit attributable to shareholders of $81.1m recorded in the year ended 31 December 2023.

The group attributed the loss to its property investment business, Gemdale Properties and Investment Corporation Limited, which it owns 25.9%, which was impacted by the slowdown of the property market in China.

OUE also attributed the loss to the overall net fair value losses on the group's investment properties attributable to shareholders of approximately $79m compared to an overall net fair value loss of $24m recorded for FY 2023.

In a separate filing, Gemdale Properties & Investment said it is expecting around RMB4.2b ($780m) to RMB 4.8b ($890m) loss attributable to the owners of the company in 2024, as compared to a profit of approximately RMB343m ($63.31m) for the year ended 31 December 2023.

OUE said it will release its unaudited financial results for 2024 by 28 February.

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