China Evergrande Group, the world's most indebted developer, narrowed its first-half loss significantly mainly due to an absence of impairment loss on...
China Evergrande Group, the world’s most indebted developer, narrowed its first-half loss significantly mainly due to an absence of impairment loss on investments.
Revenue rose to CNY128.18 billion compared with CNY89.28 billion in the same period last year mainly due to higher contributions from its property development business. China’s crackdown on leverage in the property sector in 2021 hurt many real-estate developers, who suffered severe drops in home sales and reduced access to the debt market.
The company’s total liabilities as at end-June amounted to CNY2.39 trillion, Evergrande said, adding that it will expedite the restructuring of offshore debts and work toward protecting the long-term interests of various creditors.
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