(Reuters) – Country Garden, once China’s top property developer by sales, posted on Tuesday a net loss of 12.84 billion yuan ($1.75 billion) for the first half of 2024, as conditions deteriorated amid a prolonged sector-wide slump.
The loss followed a full-year net loss of 178.40 billion yuan for 2023, the company said in a separate statement.
Country Garden, which defaulted on $11 billion in offshore bonds in late 2023, had delayed the publication of its 2023 full-year and 2024 interim results.
The developer’s shares have been suspended from trading since April 2, 2024, and will remain suspended, it said.
($1 = 7.3311 Chinese yuan renminbi)
(Reporting by Rishav Chatterjee and Clare Jim; Editing by Shreya Biswas)
