Country Garden posts losses in overdue FY 2023, H1 2024 results

Published 01/14/2025, 08:29 AM
Updated 01/14/2025, 08:30 AM
© Reuters. FILE PHOTO: A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. REUTERS/Tingshu Wang/File Photo
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(Reuters) - Country Garden (HK:2007), once China's top property developer by sales, posted on Tuesday a net loss of 12.84 billion yuan ($1.75 billion) for the first half of 2024, as conditions deteriorated amid a prolonged sector-wide slump.

The loss followed a full-year net loss of 178.40 billion yuan for 2023, the company said in a separate statement.

Country Garden, which defaulted on $11 billion in offshore bonds in late 2023, had delayed the publication of its 2023 full-year and 2024 interim results.

© Reuters. FILE PHOTO: A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. REUTERS/Tingshu Wang/File Photo

The developer's shares have been suspended from trading since April 2, 2024, and will remain suspended, it said.

($1 = 7.3311 Chinese yuan renminbi)

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