China’s Evergrande posts new losses for first half

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Chinese property developer Evergrande lost 66.4 billion yuan in the first half of last year. (AP pic)
BEIJING: Heavily indebted Chinese property giant Evergrande Group today announced it had suffered losses for the first half of the year.
The developer’s January to June losses amounted to 33 billion yuan (US$4.53 billion), compared to 66.4 billion yuan lost in the same period last year, according to a statement published on the Hong Kong Stock Exchange website.
Once China’s top property developer, Evergrande is drowning in a sea of debt and has become a symbol of a property crisis that continues to send shudders through the world’s number two economy.
Its statement estimated its liabilities now stood at almost US$328 billion, down from nearly US$340 billion at the end of 2022.
The developer also announced a deteriorating cash situation, with just US$556 million in cash assets, compared to about US$2 billion last year.
Evergrande first defaulted on its bonds in 2021, fanning fears of a global contagion.
Developers last summer triggered protests and mortgage boycotts from Chinese home buyers after failing to deliver housing projects.
Beijing has recently sought to bolster the sector by cutting mortgage rates, slashing red tape and offering more loans to developers.

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