Country Garden Reveals $28.5 Billion Loss in 2023

A rundown of the news making headlines in and around China:

Teetering developer: Country Garden Holdings Co. Ltd. revealed losses of 201 billion yuan ($28.5 billion) for 2023 and 15.1 billion yuan for the first half of 2024 in long-delayed earnings reports. Much of the losses came from the defaulted developer writing down the value of its assets as China’s property market has slumped. For 2023, the company reported net asset impairments of 82.4 billion yuan for properties under construction and completed ones available for sale, though that figure for the following half-year dropped to 2.7 billion yuan. Country Garden’s balance sheet is closely watched as the company is trying to restructure its debts and faces a liquidation hearing in Hong Kong.