China’s largest real estate developer for the past six years, Rural gardenannounced its losses on Wednesday 48,932 million yuan (6,145 million euro) in the first half of 2023.
The company warned this month that its losses could reach 55 billion yuan (6 billion 943 million euros) in the first half of the year. Net profit of 612 million yuan (77 million euro) He said that it was registered in the same period of 2022.
In the income statement he sent this Wednesday, Hong Kong Stock Exchange Country Garden – where listed – attributed its losses to a “recession in the real estate sector” as the capital markets “have not yet regained confidence”, meaning “increased pressure on the company’s business activities”.