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SHARE of losses from associates and jointly controlled entities and absence of fair-value gain dealt a blow to property firm Ho Bee Land's second-quarter earnings.
Net profit plunged 79.9 per cent to S$14.4 million from the previous year, as its Shanghai and Zhuhai associates faced accrual of land appreciation tax amounting to S$20.5 million. For its share of results from jointly controlled entities, Ho Bee captured losses from its residential development project in Tangshan and in-progress Australia projects, which expensed marketing and promotional expenses.
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More real estate news from Singapore
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