China’s biggest property developer Country Garden sees first annual loss since 2007

BEIJING, March 30 — Chinese property giant Country Garden reported its first annual loss in fifteen years on Thursday, blaming persistent headwinds in the property market and the...

BEIJING, March 30 — Chinese property giant Country Garden reported its first annual loss in fifteen years on Thursday, blaming persistent headwinds in the property market and the Covid-19 pandemic.

Country Garden — the nation’s biggest developer in terms of sales — recorded a loss of 6.1 billion yuan for 2022, according to a stock exchange filing on Thursday. China’s property sector experienced a “harsh winter” in 2022, the group said in its filing, pointing to the “continued impact of Covid-19”.

Real estate sales have since fallen in multiple cities and several developers are struggling to survive, with homebuyers last year refusing to pay mortgages on incomplete properties.

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