Country Garden Expects to Report Record First-Half Loss

Country Garden Holdings Co. Ltd., one of China’s largest property developers, said it expects to report a record, multibillion-dollar net loss for the first half, raising further concerns as the company slides deeper into a debt crisis.

Guangdong-based Country Garden estimated its net loss at 45 billion yuan to 55 billion yuan ($6.2 billion to $7.6 billion) for the first six months of 2023, reversing a net profit of around 1.9 billion yuan in the same period last year, according to a Hong Kong exchange filing late Thursday. The company warned July 31 that it would report red ink for the first half.