Mar 29, 2024 05:48 AM
FINANCE
Indebted Builder China Aoyuan Reports $3.9 Billion Hole in Its Balance Sheet
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At the end of 2023, China Aoyuan recorded total assets of 199.4 billion yuan, with liabilities totaling 227.5 billion yuan, resulting in a shortfall of 28 billion yuan
Debt-ridden developer China Aoyuan Group Ltd. reported a 28 billion yuan ($3.9 billion) gap in its 2023 financial results, with the auditor warning of “significant uncertainties,” underscoring the company’s dire financial situation.
At the end of 2023, China Aoyuan recorded total assets of 199.4 billion yuan, with liabilities totaling 227.5 billion yuan, resulting in a shortfall of 28 billion yuan, the company’s newly released financial results showed.
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