Australian realtor McGrath issues profit warning as new rules curb Chinese interest
Warning is McGrath's second since January; shares plunge 26% in early trade before paring losses
Sydney
AUSTRALIA'S only listed realtor, McGrath, issued a profit warning on Monday that sent its shares plunging, as higher taxes and other restrictions resulted in a sharp pullback in Chinese buying interest for new apartments.
The warning, McGrath's second since January, is the clearest indication yet of impending pain for developers, who have been building tens of thousands of new units to cater to foreign buyers and also underscores central bank fears of an apartment glut.
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