Profits of China Country Garden Holdings in the first half of the year fell by 96%, the biggest drop since its listing in Hong Kong in 2007. The real estate crisis in China thus affected the country’s largest real estate developer in terms of sales.

Unaudited net income fell to 612 million yuan ($88 million) in six months, company reports showed.

Underlying net income, adjusted for items including property revaluation, fell 68 percent.

Country Garden had previously warned that profits would fall, noting how the sector’s problems have spread to developers once thought to be relatively safe. The company is trying to shore up its balance sheet after losing its investment rating from Fitch Ratings and Moody’s Investors Service.