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.