Evergrande posts losses of 33 billion yuan for H1
Heavily indebted mainland property giant Evergrande Group on Sunday announced it had suffered losses for the first half of the year. The developer's January-June losses amounted to 33 billion yuan (US$4.53 billion), compared to 66.4 billion yuan lost in the same period last year, according to a statement published on the Hong Kong Stock Exchange website. Its statement on Sunday estimated its liabilities now stood at almost US$328 billion, down from nearly US$340 billion at the end of 2022. Evergrande first defaulted on its bonds in 2021. Beijing has recently sought to bolster the sector by cutting mortgage rates, slashing red tape and offering more loans to developers. (AFP)