Evergrande reports reduced H1 loss amid property crisis

28 Aug 2023 CW Team

China Evergrande Group, a major property developer, announced a net loss of 33 billion yuan ($4.53 billion) for the January-June period, an improvement compared to the 66.4 billion yuan loss during the same timeframe the previous year.

The company is a focal point of China's property industry turmoil, which has witnessed a series of debt defaults since late 2021.

The most heavily indebted developer globally disclosed a combined net loss of $81 billion for the years 2021 and 2022 in a belated earnings report last month. This follows a profit of 8.1 billion yuan in 2020.

Over the two-year span, revenue plummeted by 55% to 230.1 billion yuan. Liabilities surged by 23% to 2.4 trillion yuan, while its assets declined by 20%, amounting to 1.8 trillion yuan.

Notably, Evergrande stated on Friday that it had adequately met exchange directives to resume trading of its Hong Kong-listed stock. The company applied for trading to recommence on August 28. The stock's trading had been suspended since March of the previous year pending the release of the 2021 and 2022 results, along with developments relating to an investigation into the seizure of 13.4 billion yuan in deposits from a subsidiary.

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