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Keppel's property revenue down 17%
It recorded weaker sales in China.
The decline in the yields recorded in Keppel Corp's property segment is one of the reasons why the group reported a 17% lower revenue to $2.8b.
According to RHB, the property revenue of Keppel went down by 17% due to the lower sales from its China operations.
In the first half of the year, Keppel sold 2,470 units with a total sales value of $1.2b. And whilst China sales reported dismal results, it still continued to be the main contributor to the group earnings.
"Keppel expects a slight recovery in the Singapore property market and we believe China would continue to be the main contributor to earnings in the near to mid term," RHB said.
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