Shimao Group Posts Losses of $6.8 Billion Over Two Years

(Bloomberg) — Shimao Group Holdings Ltd. posted a combined loss of 48.6 billion yuan ($6.8 billion) for 2021 and 2022 as the defaulted Chinese property developer disclosed its long-delayed results in a bid to resume stock trading and complete debt restructurings.

The company reported a loss attributable to shareholders of 21.5 billion yuan for the full year of 2022, nearly double the 11.6 billion yuan expected by analysts surveyed by Bloomberg, according to Hong Kong exchange filings Friday. That adds to a 27.1 billion yuan loss the previous year.