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China Evergrande shares set to drop after profit warning

China Evergrande shares set to drop after profit warning

FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. REUTERS/Bobby Yip

Shares of China Evergrande Group were set to open down 3.5per cent at HKUS$4.40 each, data from Hong Kong Exchange showed, after the country's most indebted property developer warned of a slump in its first-half profit.

China Evergrande said on Wednesday it expected half-yearly profit to dive as much as 39per cent to between 9 billion yuan (US$1.39 billion) and 10.5 billion yuan.

(Reporting by Donny Kwok; Editing by Christian Schmollinger)

Source: Reuters

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