(Yicai Global) July 15 -- China's 5I5j Holding Group, the first property brokerage to get listed on the mainland in 1994, expects to report a net profit in the second quarter as the firm, along with the sector, are recovering from the impacts of the Covid-19 pandemic.
The real estate sales and management agency predicts to post a net profit figure between CNY30 million and CNY40 million (USD5.7 million) for the latest quarter, down as much as 92 percent from a year ago, the Beijing-based company said in a statement yesterday.
The firm made a net loss of CNY160 million (USD22.9 million) in the first quarter, so far the most worrisome times of the epidemic in China.
Housing demand has risen sharply since April as some clients delayed their deals to a moment when neighborhood lockdowns and other epidemic control measures would end, the company explained.
5I5j's stock price [SHE: 000560] started climbing this morning, rising 3.3 percent to CNY3.75 (US 54 cents) by 9.46 a.m.
Editor: Emmi Laine