2023-08-27 19:05:00
China Evergrande Group, a Chinese real estate developer in financial crisis, released 33 billion yuan ($6.6 billion) in losses attributable to shareholders in the first half of the year (through the end of June). The company has posted losses totaling 582 billion yuan in the past two years. It aims to resume stock trading and is poised to continue debt restructuring talks with foreign investors.
China Evergrande applies for reopening of Hong Kong stock trading on 28th – first time in 1 year and 5 months
The results highlight the company’s predicament as a property slump has rocked China’s economy for the past two years.
For offshore bondholders, it provides more material for considering the company’s proposed debt restructuring. China Evergrande said it maintains active communication with offshore creditors and aims to obtain full approval for its debt restructuring plan as soon as possible.
The company also said that it will prioritize the completion of housing under construction and the delivery of properties for the stability and survival of its business.
Original title:China Evergrande Reports First-Half Loss of $4.5 Billion、Evergrande 1H Net Loss 33.01B Yuan Vs. Loss 66.35B Yuan Y/y (2)
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