BUZZ-China's developer Longfor drops most in 3 weeks as profit dips

Reuters03-22

** Shares of China's property developer Longfor Group Holdings drop 5.3% to HK$10.06, on course for the biggest one-day pct drop since Feb 28

** Co says 2023 net profit down 47.2% YoY to 12.85 bln yuan ($1.8 bln) with revenue falling 27.9% YoY to 180.7 bln yuan

** Longfor recommends a final dividend of 0.23 yuan per share, as compared to 0.80 yuan final dividend in 2022

** Hang Seng Mainland Properties Index falls 2.9%, Hang Seng Composite Index on properties and construction stocks

drops 3.1% and Hang Seng Index declines 2.2%

** Stock down 18.6% YTD

($1 = 7.2253 Chinese yuan renminbi)

(Reporting by Donny Kwok)

((donny.kwok@thomsonreuters.com))

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