The Foshan-based company posted a net loss of 48.9 billion yuan ($10.4 billion) in the six months ended June 30, slightly narrower than expected.
Country Garden Holdings posted a record first-half loss, underscoring how China’s real estate slump has brought the property giant to the brink of a debt default.
“With sales going downhill the earnings outlook is not going to have a significant turnaround,” Bloomberg Intelligence analyst Kristy Hung said before the results were published. “It’s going to suffer because of its exposure to lower cities where housing market sentiment is the weakest.” Country Garden won’t receive any cash from the proceeds, it said. The stock will be used to set off money it owes to a subsidiary of Kingboard Holdings Ltd, a Hong Kong-based manufacturer.
Country Garden has missed interest payments on some dollar bonds and warned of “major uncertainties” about note redemptions.
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