Property developer Shui On Land issues profit warning

HONG KONG Aug 11 (Reuters) - Property developer Shui On Land (0272.HK) said it expects net profit for the six months ended June 30 to decline significantly from a year earlier.

The Shanghai-focused developer on Tuesday cited new accounting treatments, which change the timing of revenue recognition on property sales, and no disposal of equity interests in subsidiaries compared with a year earlier, in its profit warning statement.

But Shui On said it remained positive on long-term prospects for the company, because of a buoyant property market in China.

The company added that the profit warning was based on a preliminary assessment of unaudited management accounts. (Reporting by Sui-Lee Wee, Editing by Chris Lewis)