Chinese property developer Evergrande has posted losses of $81bn over a two-year period, revealing for the first time the financial fallout of a 2021 default that sparked an ongoing crisis in the country’s property sector.
The group, which is in the midst of a lengthy restructuring process after it failed to make bond payments almost two years ago, reported losses of Rmb476bn ($66bn) and Rmb106bn for 2021 and 2022 respectively. Revenues halved in 2021 to Rmb250bn, compared with Rmb507bn a year earlier.
Evergrande doubled down on China’s property boom to become the world’s most leveraged developer and later embodied the sector’s struggles when its default shocked global markets in 2021.
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