BUZZ-Developer China Overseas Land up after higher 2023 profit, KWG drops to fresh low

Reuters03-28

** Shares in state-owned property developer China Overseas Land & Investment Limited $(COLI)$ rise as much as 7% to HK$11.36

** The company's 2023 net profit rose 10% last year to 25.6 billion yuan ($3.54 billion), though core profit eased by 3.2% to 23.7 billion yuan

** COLI declares a final dividend of HK$0.45 per share, vs HK$0.4 per share in 2022

** Shares of smaller private developer KWG Group plummet as much as 10.9% to HK$0.285, a fresh record low

** The Guangzhou-based developer posts a wider net loss of 18.7 billion yuan in 2023 vs 9.2 billion in 2022

** The Hang Seng Mainland Properties Index edges up 0.1%

($1 = 7.2272 Chinese yuan renminbi)

(Reporting by Clare Jim)

((clare.jim@tr.com))

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