Longfor Group Holdings (HKG:0960) expects a 35% to 40% decrease in its core net attributable profit for 2024 compared with 11.35 billion yuan from 2023, a Friday Hong Kong bourse filing said.

The residential property manager company attributed the expected decrease to a drop in recognized revenue and gross profit margins from the company's property development segment, resulting from the downturn in the real estate industry.

Shares of the company were down nearly 2% in recent trade.