(Reuters) -Embattled Chinese property developer Country Garden on Friday warned of a bigger loss for the first half of fiscal 2025, after deliveries of housing projects halved from 2024 and asset impairments rose.<\/p>\n
The company delivered about 74,000 housing units in the first half, compared with over 150,000 in the same period last year.<\/p>\n
Shop Top Mortgage Rates <\/p>\n
Powered by Money.com – Yahoo may earn commission from the links above. <\/p>\n
The primary concern remains resolving issues around debt, Country Garden said.<\/p>\n
Once China’s largest developer, the company defaulted on $11 billion in offshore bonds in late 2023, deepening a sector-wide crisis that had led to high-profile failures such as China Evergrande Group.<\/p>\n
Earlier in August, it reached an agreement with a core group of bank creditors that holds 49% of the company’s offshore debt, marking another step in its $14.1 billion restructuring plan.<\/p>\n
It expects a loss in the range of 18.5 billion yuan ($2.58 billion) to 21.5 billion yuan for the six months ended June, higher than the 15.1 billion yuan reported last year.<\/p>\n
China’s property slump has slowed housing project deliveries and squeezed earnings of developers as they struggle to revive their businesses.<\/p>\n
Country Garden also said gross profit margins remained low due to a fall in the scale of settlement for its real estate development projects. It has recorded higher impairments against its real estate projects.<\/p>\n
The company will report its first-half results on August 29.<\/p>\n
($1 = 7.1792 Chinese yuan renminbi)<\/p>\n
(Reporting by Rishav Chatterjee in Bengaluru; Editing by Devika Syamnath)<\/p>\n","protected":false},"excerpt":{"rendered":"(Reuters) -Embattled Chinese property developer Country Garden on Friday warned of a bigger loss for the first half…\n","protected":false},"author":2,"featured_media":87881,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[65620,64,63,99,512,65619,39764,164],"class_list":["post-87880","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-asset-impairments","tag-au","tag-australia","tag-business","tag-china","tag-china-evergrande-group","tag-country-garden","tag-economy"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/87880","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/comments?post=87880"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/posts\/87880\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media\/87881"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/media?parent=87880"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/categories?post=87880"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/au\/wp-json\/wp\/v2\/tags?post=87880"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}