China's debt-laden real estate giant Country Garden has announced a huge deficit in its long-overdue 2023 financial results.
The company on Tuesday reported a net loss of 178.4 billion yuan. That's more than 24 billion dollars and reflects the massive scale of China's property slump.
It also said it incurred a net loss of over 1.7 billion dollars for the first six months of 2024. The developer is estimated to have defaulted on about 20 billion dollars of debt.
A court in Hong Kong is set to open a hearing on January 20 for a petition by creditors to liquidate Country Garden.
The company opposes the petition and said on Thursday it had reached a basic agreement with banks on a debt restructuring plan.
The company on Tuesday reported a net loss of 178.4 billion yuan. That's more than 24 billion dollars and reflects the massive scale of China's property slump.
It also said it incurred a net loss of over 1.7 billion dollars for the first six months of 2024. The developer is estimated to have defaulted on about 20 billion dollars of debt.
A court in Hong Kong is set to open a hearing on January 20 for a petition by creditors to liquidate Country Garden.
The company opposes the petition and said on Thursday it had reached a basic agreement with banks on a debt restructuring plan.
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Summary
China's real estate giant Country Garden reported a net loss of 178.4 billion yuan ($24.3 billion) in its 2023 financial results, reflecting the scale of China's property slump. The company also reported a net loss of over $1.7 billion for the first six months of 2024. With an estimated debt
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ID: 91b69646-52ea-4be2-a778-138fd6c45a8c
Category ID: nhk
URL: https://www3.nhk.or.jp/nhkworld/en/news/20250115_B05/
Created: 2025/01/16 07:00
Updated: 2025/12/08 07:06
Last Read: 2025/01/16 12:07