HONG KONG (Reuters) – Embattled property developer China Evergrande Group on Monday published its long delayed results for fiscal 2021 and 2022, posting significant losses and big drops in revenue.
The world’s most indebted property developer reported a net loss of 476 billion yuan ($66.36 billion) and 105.9 billion yuan ($14.76 billion) for 2021 and 2022, respectively, versus a net profit of 8.1 billion yuan in 2020.
China’s property sector has seen a string of debt defaults by cash-squeezed developers over the past few years with Evergrande, which plunged into a debt crisis in the middle of 2021, at the centre of the crisis.
($1 = 7.1729 Chinese yuan renminbi)
(Reporting by Clare Jim; Editing by Himani Sarkar and David Evans)