Country Garden overdue results show steep losses amid sector's sales slump By Reuters

Country Garden's Financial Struggles: Country Garden, once China's largest property developer, reported significant losses due to a prolonged property sector crisis, with a net loss of 12.8 billion yuan in the first half of 2024 and a record annual loss of 178.4 billion yuan in 2023. The company has proposed a debt restructuring plan to reduce its offshore debt by 70% amid ongoing liquidation proceedings.

Impact of Property Market Decline: The Chinese property market has seen nearly a 50% decline in sales over the past three years due to an unprecedented debt crisis, leading to Country Garden's drop in annual sales by over 70% last year and a fall in its national ranking from 7th to 16th among developers.