By Jiahui Huang

Country Garden released its long-delayed results showing that the heavily indebted Chinese developer's net loss narrowed in the first half of 2024 following a record loss of more than $24 billion in 2023.

Trade in the developer's shares have been suspended since March amid liquidity problems and its failure to publish its results. It said late Tuesday that it booked a net loss of 12.84 billion yuan, the equivalent of about $1.75 billion, in the first six months of 2024, improving from a loss of CNY48.93 billion in the same period a year earlier. Revenue fell 55% to CNY102.10 billion during the period.

Its 2023 net loss hit a record CNY178.40 billion--roughly $24.33 billion--vastly higher than its loss of CNY6.05 billion in 2022. Revenue for the year fell 6.8% to CNY401.02 billion.

The dismal results come as Country Garden, formerly one of China's largest developers, is seeking to restructure tens of billions of dollars worth of debt amid a long-running crisis in China's property sector. Last week it said it unveiled a new proposal for creditors and had managed to reduce debt by up to $11.6 billion, including a maturity extension of up to 11.5 years.

The company is facing a winding-up petition in Hong Kong for a non-payment of a loan, with a court hearing scheduled later this month.

China's property sector has seen signs of stabilization after a swath of stimulus measures from Beijing over the past year, including the easing of home-buying curbs, mortgage rates cuts, and expansion of a project for home builders to access loans.

Write to Jiahui Huang at jiahui.huang@wsj.com

(END) Dow Jones Newswires

January 14, 2025 21:55 ET (02:55 GMT)

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