Troubled Chinese developer Country Garden’s loss for first half of 2024 narrows

The Foshan-based company also said its revenue for the first half of 2024 fell 55 per cent from a year earlier to about 102 billion yuan. In a statement on Tuesday, the company said it expects its results to improve for all of 2024.

For 2023, Country Garden said its net loss widened to 178.4 billion from 6.1 billion yuan a year earlier. Revenue for the period fell 6.8 per cent to 401 billion yuan from 430.4 billion yuan in 2022. Its total liabilities stood at US$164 billion as of the end of 2023, down from US$195 billion a year earlier.

In 2025, the company has US$2.8 billion worth of offshore bonds and 6.6 billion yuan of onshore bonds coming due, according to data compiled by S&P Global (China) Ratings.

The developer is also facing a liquidation petition from a subsidiary of Hong Kong-listed King Board Holdings, which was filed in February over the non-payment of a US$205 million loan. The Hong Kong hearing is now scheduled for January 20.