2023-08-27 16:19:10
By The Economist| On 08/27/2023 – 17:20 | Share
The ultra-indebted Chinese developer Evergrande, hit by the great real estate crisis, announced on Sunday that it had reduced its losses in the first half, despite a worrying lack of liquidity. Its net losses for the January-June period amounted to 33 billion yuan ($4.53 billion), according to a statement posted on the Hong Kong Stock Exchange’s website. They were 66.4 billion yuan for the same period last year. The group, however, saw its cash melt during the first half of 2023, since it fell from around two billion dollars to only 556 million – a small sum for a group of this size. A situation that should complicate its repayments in the coming months.
The group’s abysmal indebtedness has been worrying the markets for two years and regularly makes headlines in the Chinese and international press.
Evergrande now estimates its total debt at 2,388.2 billion yuan ($328 billion) – up from nearly $340 billion at the end of 2022.
AFP
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