Property developer Shui On Land yesterday said it expects a net profit for the six months ended June 30 to decline significantly from a year earlier.

The Shanghai-focused developer 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 its long-term prospects because of a buoyant property market in China.

(Shanghai Daily August 12, 2009)