Late on Monday, China Evergrande Group released its long overdue earnings report, revealing a combined loss of $81 billion. The world's most heavily indebted property developer has been grappling with numerous challenges, including unfinished projects, repayment difficulties with suppliers and lenders.
Chinese property developer Evergrande has posted a $81 billion loss over the past two years
7/18/2023
To address its financial troubles, Evergrande initiated an offshore debt restructuring program in March 2023. The company cited various factors for its substantial net losses in 2021 and 2022, amounting to 476 billion yuan ($66.36 billion) and 105.9 billion yuan ($14.76 billion), respectively. These factors included property writedowns, land returns, financial asset losses, and financing costs.
In contrast, in 2020, which marked the last normal year of operation, Evergrande achieved a net profit of 8.1 billion yuan. The staggering amount of debt accumulated by Evergrande in recent years has raised significant concerns about the stability of China's property sector, a crucial pillar of the Chinese economy. Instances of defaults and abandoned property projects have been observed throughout the country.
On July 24, the company's proposed restructuring will be reviewed at the High Court.
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