Shares of CapitaLand Ltd fell after the biggest property developer in Southeast Asia posted a 45 percent drop in fourth-quarter net profit and the Chinese government pledged to calm frothy real estate markets.
CapitaLand shares were down 2 percent at S$3.93, weighing on the broader Straits Times Index which was 0.3 percent lower.
Net profit of S$262.7 million ($212.4 million) for the three months ended in December was down from S$476.6 million a year earlier, dragged by lower fair-value gains of properties, CapitaLand said on Thursday.
China’s cabinet on Wednesday restated its intention to extend a pilot property tax programme to more cities and urged local authorities again to put price control targets on new homes.
CapitaLand has significant exposure to the property market in the world’s second-largest economy.