Reported about 5 hours ago
Country Garden Holdings Co. has reported a record loss of 178.4 billion yuan ($24.3 billion) for 2023, significantly up from a 6 billion yuan loss in 2022, as the company struggles amid China's ongoing housing crisis. The real estate giant is committed to finalizing a debt restructuring plan with creditors by June 2025, after defaulting on dollar bonds in late 2023. Despite a modest narrowing of losses in early 2024, market sentiment towards Chinese developers has deteriorated, and Country Garden continues to face significant financial challenges with substantial debt and declining sales.
Source: YAHOO