Evergrande: Crisis-hit Chinese property giant reveals $81bn loss

Crisis-hit Chinese property giant Evergrande has revealed that in 2021 and 2022 it lost a combined 581.9bn yuan ($81.1bn; £62bn).

The firm, which defaulted on its debts in late-2021, reported its long overdue earnings to investors in Hong Kong.

Evergrande has been struggling with an estimated $300bn (£229bn) of debts.

The huge losses highlight how much the developer was rocked in recent years by the property market crisis in the world’s second largest economy.

In filings to the Hong Kong Stock Exchange late on Monday, the company said it lost 476bn yuan in 2021 and 105.9bn yuan last year.

That came as revenue more than halved over the two-year period.

Evergrande said the losses were due to a number of reasons, including the falling value of properties and other assets as well as higher borrowing costs.

Shares in the firm, which was once China’s top-selling property developer, have been suspended from trading since March last year.

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