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    China Real Estate posts 3Q loss as market cools

    AP – Tue, Nov 22, 2011

    NEW YORK (AP) — China Real Estate Information Corp. reported a third-quarter net loss on Tuesday, and warned that the Chinese government's efforts to cool the real estate market is hurting growth of its online business. The stock fell 10 percent in late morning trading.

    The Chinese real estate information and consulting company posted a loss of $413 million, or $2.94 per share, down from earnings of $6.6 million, or 4 cents per share, in the same period a year earlier.

    Revenue grew 47 percent to $69.2 million from $47.2 million.

    The latest quarter's results include a goodwill impairment charge of $417.8 million related to the company's online unit, which makes up more than half its revenue. Goodwill is a measure of assets that aren't physical, such as brand value.

    The company said it expects growth to be slower than expected for the next several quarters for this business because of tightening credit, developers' cautious ad spending and the Chinese government's "continued restrictive policies" regarding real estate.

    The Chinese government has said credit and investment curbs imposed to cool a real estate boom will stay in place. The credit clampdown has helped to slow the rise in housing costs but has hurt the real estate and construction industries.

    China Real Estate forecast fourth-quarter revenue of $68 million to $70 million, up from $62.4 million in the same quarter of 2010.

    The company's American Depositary Shares fell 51 cents, or 10 percent, to $4.57 Tuesday. The stock has dropped more than 50 percent this year and nearly 19 percent in the past three months.

    China Real Estate went public in October 2009 at $12 per share.

     
     
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