CapitaLand, Southeast Asia’s biggest developer, said third-quarter profit dropped 83% after lower contributions from China and Australia, and an accounting rule change restated last year’s revenue, reported Bloomberg.

Net income dropped to $80.2 million in the quarter ended Sept. 30, from a restated $460.1 million a year earlier. Revenue fell 58% to $608.6 million from $1.45 billion. Sales would have declined 3% without the accounting change effective Jan. 1, based on figures provided by the company.

The Singapore-based developer is planning to sell more apartments in both its home market and China, tapping on opportunities as measures by both governments to curb housing prices hurt weaker competitors. CapitaLand invested $7 billion in new projects this year, more than its target of $5 billion to $6 billion of investments, focusing on the two nations.

Source: The EdgeSingapore