Mar 30, 2023 09:18 PM

Chinese Developer Country Garden Reports First Annual Loss Since 2007 IPO

China’s property giant Country Garden Holdings Co. Ltd. reported its first annual loss since its Hong Kong IPO in 2007, highlighting the plight of the country’s builders amid a prolonged slump in the real estate sector plagued by sluggish home sales and a shortage of funds.

The Foshan-based developer logged a net loss of close to 6.1 billion yuan ($885 million) in 2022, a stark contrast to the previous year’s profit of 27 billion yuan, according to its earnings report released on Thursday.

You've accessed an article available only to subscribers
Share this article
Open WeChat and scan the QR code
Get our CX Daily, weekly Must-Read and China Green Bulletin newsletters delivered free to your inbox, bringing you China's top headlines.

We ‘ve added you to our subscriber list.

Manage subscription
Caixin Biz Roundup: Chinese EV Startup Looks Overseas as Domestic Business Stalls