May 03, 2023 03:23 AM

FINANCE

China Fortune Land Restructures Debt and Posts Profit

By Niu Mujiangqu and Han Wei

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Once one of the country’s biggest developers, China Fortune’s financial strains began to appear in late 2020.

Once one of the country’s biggest developers, China Fortune’s financial strains began to appear in late 2020.

China Fortune Land Development Co. Ltd. (600340.SH) said it successfully restructured more than 80% of its 219 billion yuan ($31.7 billion) debt overhang. The cash-strapped private developer returned to profitability after two years of liquidity crisis.

Hebei province-based China Fortune Land signed agreements with creditors to restructure 180.6 billion yuan of debts through various means by the end of 2022, accounting for 82.4% of total outstanding debt, the developer’s 2022 financial report showed.

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