Schindler warned of lower profit in 2022 and contraction in its China business due to construction delays and other issues after the maker of elevators and escalators posted lower quarterly earnings. The Swiss firm expects a “significant” profitability drop of around 20 percent for the first half of the year, Chief Financial Officer Urs Scheidegger said on a conference call. “If the overall profitability of the group is dropping now in the first half year, you can see this is also the case for our China profitability,” Scheidegger added. Regulatory curbs on borrowing have driven China’s property sector into a liquidity crisis, highlighted by China Evergrande Group, the world’s most indebted property firm. The Chinese market makes up 14 percent of Schindler’s sales. Schindler shares were down 5 percent as of 1130 GMT and Credit Suisse analysts in a note described the margin indication for the first half as “concerning”. …