China Evergrande Group ready to resume stock trading The world’s most indebted developer posted a first-half loss of $4.5 billion on Monday, ending a 17-month hiatus.

The company, which is going through a lengthy debt restructuring process, posted losses attributable to shareholders of 33 billion yuan ($4.5 billion) in the six months to June 30, according to a filing with the Hong Kong stock exchange on Sunday.This increases over 582 billion yuan Losses in the first two years, this is the company’s first two full-year losses since it went public in 2009.

The company has applied to resume trading in Hong Kong at 9 a.m. on Monday, after explain This month, the improved internal control system and process fulfilled the obligations stipulated by the Hong Kong listing rules. The stock last traded on March 18, 2022, and the company has lost more than 95% of its market value from its 2017 peak.

The release of first-half results comes ahead of a meeting of creditors scheduled to start on Monday. They underscore Evergrande’s woes during the property crisis that has rocked the world’s second-largest economy for the past two years. Many developers have been hit as China cracks down on its booming real estate sector to reduce risk and raise housing prices.Evergrande’s largest peer, Country Garden Holdings, on verge of default expected It also posted losses in the first half of the year.

Evergrande’s total net loss for the period amounted to 39.3 billion yuan, according to Sunday’s filing. As of June 60, the developer’s total liabilities were 2.39 trillion yuan. Excluding contract liabilities of 604 billion yuan, total liabilities in the first half of the year were 1.78 trillion yuan, higher than the 1.72 billion yuan in 2022.

As of the end of June, Evergrande Group’s total assets were 1.74 trillion yuan, of which cash, cash equivalents and restricted cash totaled 13.4 billion yuan.

The results give offshore bondholders more room to digest the company’s performance. debt restructuring proposal.The defaulting real estate giant also demanded hold a meeting Creditors on Monday approved its offshore debt restructuring plan.

In April, developers explain 77% of investors holding its Class A bonds back the plan, compared with just 30% of Class C bondholders.

Financial results audited by small accounting firm Prism named After serving as the auditor of Evergrande in January PricewaterhouseCoopers Resigned. Prism did not issue a conclusion on the interim earnings report, citing multiple uncertainties.

    — With assistance by Charlie Zhu, Emma Dong, Jacob Gu, Alice Huang, Charlotte Yang, and Shiyin Chen

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