Debt-laden Chinese property developer Country Garden has logged a major loss for 2024 amid China’s real estate slump. The net loss narrowed from the previous year to 32.8 billion yuan, or 4.5 billion dollars.
Country Garden said on Sunday that group revenue declined about 37 percent from 2023 to 252.7 billion yuan, or 34.8 billion dollars.
The annual net loss of 4.5 billion dollars was down from the 2023 figure of about 178 billion yuan, or 24.5 billion dollars at the current rate.
But the company continues to face difficulties as China’s property market slump drags on.
Country Garden also said it had defaulted on 188.2 billion yuan, or 25.9 billion dollars, of debt as of the end of December.
A Hong Kong court is scheduled to hold a hearing in May for a creditor petition to liquidate Country Garden. The company says it is discussing debt restructuring terms with creditors.
