BEIJING, Aug 28 — Heavily indebted Chinese property giant Evergrande Group yesterday announced it had suffered fresh losses for the first half of the year. The developer’s...
BEIJING, Aug 28 — Heavily indebted Chinese property giant Evergrande Group yesterday announced it had suffered fresh losses for the first half of the year.
Its statement yesterday also announced dwindling liquidity, with just US$556 million in cash assets, compared to about US$2 billion last year.Evergrande first defaulted on its bonds in 2021, fanning fears of a possible global contagion. The plan offers creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group.The property sector, which along with construction accounts for about a quarter of China’s GDP, is a key pillar of the country’s growth.
To reduce the sector’s indebtedness, authorities have gradually tightened conditions for developers’ access to credit since 2020, and a wave of defaults followed — notably that of Evergrande.
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