The expected loss compares to a $265m profit for the same time last year. The firm also said it has set up a special task force, headed by its chairman Yang Huiyan, to find ways to turn the business around. Earlier on Thursday, rating agency Moody's downgraded the company's rating, citing "heightened liquidity and refinancing risks". It came as China faced a number of economic challenges, which have raised questions about the pace of its post-pandemic recovery. Earlier this week, official figures showed the country's exports fell by a larger-than-expected 14.5% in July compared with a year earlier, while imports dropped 12.4%. Youth unemployment, which is at a record high, is also being closely watched as a record 11.58 million university graduates are expected to enter the job market this year. On Thursday, US President Joe Biden said China's growing economic issues make it a "ticking time bomb."