{"id":2013501,"date":"2023-08-27T11:41:02","date_gmt":"2023-08-27T15:41:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-evergrande-first-half-net-loss-narrows-to-4-5-billion\/"},"modified":"2023-08-27T11:47:13","modified_gmt":"2023-08-27T15:47:13","slug":"china-evergrande-first-half-net-loss-narrows-to-4-5-billion","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-evergrande-first-half-net-loss-narrows-to-4-5-billion\/","title":{"rendered":"China Evergrande&#8217;s first-half net loss shrinks to $4.5 billion."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fchina-evergrande-first-half-net-loss-narrows-to-4-5-billion%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2013501&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"entry-content\">\n<p><strong>China \u2062Evergrande Reports Narrower Net Loss for First Half of 2022<\/strong><\/p>\n<p>By Clare Jim<\/p>\n<p>HONG KONG (Reuters) \u2013 China Evergrande Group, the world\u2019s most-indebted \u2063property developer, on Sunday reported a\u200b narrower net loss for the first half of the year, thanks to\u200c a rise in\u2062 revenue.<\/p>\n<div id=\"div-gpt-ad-1663871513696-art-1\" style=\"min-width: 320px; min-height: 50px;  text-align: center;\">  \t<script>  \t\tgoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1663871513696-art-1'); });  \t<\/script>  <\/div>\n<div class=\"ad-slot__ad-label\">Advertisement<\/div>\n<\/p>\n<p>Evergrande said its January-June \u2062loss was \u206333 \u200cbillion yuan ($4.53 billion) \u2064versus\u200c a\u2063 66.4 billion yuan loss in the same period a year earlier.<\/p>\n<p>The developer is at \u200cthe centre of a crisis in China\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-cracks-down-on-real-estate-industry-so-that-families-can-afford-housing\/\" title=\"China Cracks Down On Real Estate Industry So That Families Can Afford Housing\">property sector<\/a> that since \u2063late 2021 has seen a string of <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/chinese-builder-cifi-holdings-halts-foreign-debt-payments\/\" title=\"Chinese Builder CIFI Holdings Halts Foreign Debt Payments\">debt defaults<\/a>, unfinished homes and \u2063unpaid suppliers, shattering consumer \u2062confidence in the \u2064world\u2019s\u2062 second-largest economy.<\/p>\n<p>This month, missed\u200c U.S. \u2064dollar coupon payments by China\u2019s largest private\u2063 developer, \u200cCountry Garden, fanned concern of contagion in an economy already \u2063weakened by tepid domestic and foreign demand, faltering factory activity and rising unemployment.<\/p>\n<p>In a filing on Sunday, Evergrande said first-half \u200crevenue \u2063rose 44% from \u2064a year\u2064 earlier to 128.2 billion yuan, \u200bas it \u201cactively planned for the \u200cresumption of\u200d sales and successfully seized the short boom\u200d of the property \u2063market that emerged at the\u2062 beginning of the year\u201d. Cash fell by\u200d 6.3% to 13.4\u200c billion yuan.   \u200d    <\/p>\n<p>Liabilities slightly dropped to 2.39 trillion yuan from 2.44 trillion yuan at the end of 2022, while total assets also shrank \u200bto 1.74 trillion yuan from 1.84 trillion yuan.<\/p>\n<p>The\u200b developer posted a combined net loss of\u2063 $81 billion for 2021 and 2022 in a long-overdue\u200c earnings report last month, versus an 8.1 billion yuan profit\u200b in 2020.<\/p>\n<p>As with Evergrande\u2019s \u2063previous\u2062 two <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-walls-are-closing-in-ny-grand-jury-officially-dissolving-with-no-charges-against-trump\/\" title=\"The Walls Are Closing In! NY Grand Jury Officially Dissolving With No Charges Against Trump\">annual financial statements<\/a>, auditor Prism\u2063 Hong\u200c Kong and Shanghai has not issued a conclusion on this report, citing multiple uncertainties relating to the business as a \u2063going concern, including future cashflow.<\/p>\n<p>Evergrande said its \u2063ability to continue will depend on a successful implementation\u200c of an offshore debt \u2062restructuring plan, and\u200c successful negotiations with the rest of the lenders on \u200crepayment extensions. <\/p>\n<p>On\u200c Friday, Evergrande said \u2062it had\u2062 \u201cadequately\u201d \u2063fulfilled\u2064 exchange guidance for trading of its Hong Kong-listed\u200b stock to resume and had applied for resumption on Aug. 28.<\/p>\n<p>Trading of the stock has been halted since\u200d March last year pending the 2021 and 2022 results and the outcome\u200d of matters including an investigation into 13.4 billion yuan of deposits seized\u2063 from a subsidiary.<\/p>\n<p>Evergrande filed for U.S. bankruptcy protection earlier this month as part of one of the \u200bworld\u2019s biggest debt restructuring\u2064 operations.<\/p>\n<p>Courts in Hong Kong and the Cayman Islands \u2063will decide\u200b in early\u200d September whether to approve\u200c an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/china-evergrande-first-half-net-loss-narrows-to-4-5-billion\/\" title=\"China Evergrande's first-half net loss shrinks to .5 billion.\">offshore debt restructuring plan involving <\/a>.7 billion \u2063worth of instruments including\u200d bonds, collateral and repurchase obligations. Creditors voted on \u2062the plan last \u2064week and the developer has yet to disclose\u200b the result.<\/p>\n<p>($1 = 7.2890 Chinese yuan \u2062renminbi)<\/p>\n<\/p>\n<p>  (Reporting by \u200bClare Jim; Editing\u2062 by Christopher Cushing, Hugh Lawson and Sharon Singleton)<\/p>\n<p><a href=\"https:\/\/www.oann.com\/uncategorized\/china-evergrande-first-half-net\/attachment\/file-photo-headquarters-of-china-evergrande-group-in-shenzhen-2\/\"><\/a><\/p>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Hollywood Mourns the Loss of Iconic \u200cGame-Show Personality Bob Barker<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Week\u200c In Review: Major\u200b Headlines in the\u200c U.S. \u2063and Around the World<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Black Diversity\u2063 Equity Inclusion Director Fired for Asking Questions<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Hearing Set for Trial \u2063Date in \u200dFormer President\u2062 Trump&#8217;s D.C. Case<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>Sweden&#8217;s\u2063 Ericsson \u200dPredicts $1 Billion Income from Intellectual Property Rights Licensing<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>New Reporting Requirements \u2062for Cryptocurrency Brokers<\/h2>\n<\/p><\/div>\n<div class=\"entry-content\">\n<h2>India Working on New Electric Vehicle\u200d Policy<\/h2>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>China Evergrande Group, the most indebted property developer globally, announced a reduced net loss for H1 2021 due to increased revenue. The company reported a loss of 33 billion yuan ($4.53 billion) compared to a loss of 66.4 billion yuan in the same period last year.<\/p>\n","protected":false},"author":66,"featured_media":2013502,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[542],"tags":[],"class_list":["post-2013501","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oann"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2013501","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/66"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2013501"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2013501\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2013502"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2013501"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2013501"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2013501"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}