Country Garden Reports $24.3 Billion Loss for 2023 as Debt Crisis Deepens

The once-dominant Chinese property developer faces mounting financial challenges, including halted stock trading and a looming liquidation hearing.

Country Garden, formerly China's top property developer, reported a $24.3 billion loss for 2023, a significant increase from its $825 million loss in 2022.
The company also disclosed a $1.75 billion loss for the first half of 2024, reflecting ongoing struggles in a declining real estate market.
Country Garden defaulted on $11 billion in offshore bonds in late 2023, leading to its stock trading being suspended since April 2024 on the Hong Kong Stock Exchange.
The developer has proposed a debt restructuring plan to reduce $16.4 billion in offshore liabilities by 70% and reached an agreement with some creditors ahead of a January 20 liquidation hearing.
China's broader property sector is grappling with a severe downturn, with property sales plummeting nearly 50% over three years, prompting government interventions to stabilize the market.