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Caixin Global

Business

Wang Jing and Han Wei

FOUND: Country garden affiliated property manager writes down 576 million - What They Never Told You

Country Garden Country Garden Services China

Country Garden Services was previously the property management unit of Country Garden Holdings Co. Ltd., China’s biggest homebuilder

Country Garden Services Holdings Co. Ltd., China’s largest residential property manager, anticipates a decrease in profit of up to 4.1 billion yuan ($576 million) this year due to impairments, indicating the prolonged debt crisis developers are facing is spilling over to their business partners.

Hong Kong-listed Country Garden Services said it will book an impairment provision of between 1.8 billion yuan and 2.3 billion yuan for the trade receivables due from related parties, according to a filing late Monday.

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