Real estate developer China Evergrande halves first-half loss

2023-08-27 15:55:29

In the background the headquarters of China Evergrande in Shenzhen

China Evergrande is the most indebted real estate company in the world.

(Photo: Reuters)

Hong Kong Highly indebted Chinese real estate developer China Evergrande roughly halved its first-half loss thanks to higher earnings. From January to June, the minus was 33 billion yuan (around 4.2 billion euros) after 66.4 billion yuan a year earlier, China Evergrande said on Sunday.

Sales rose 44 percent to 128.2 billion yuan during the period. The short boom in the real estate market at the beginning of the year was used successfully.

China Evergrande, the world’s most indebted real estate company, struggled two years ago after China’s housing bubble burst but has so far avoided a disorderly collapse. In mid-August, it applied for bankruptcy protection in the USA as part of its restructuring.

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