China property giant Evergrande loses $113 billion over two years

economictimes.indiatimes.com:

property giant Evergrande reported Monday a net loss of over $113 billion in 2021 and 2022, and nearly $340 billion in liabilities, as the company released long-delayed results. The loss showed «the existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern», Evergrande said in a stock exchange filing.

Once China's largest real estate company, Evergrande was found in 2021 to be drowning in more than $300 billion in liabilities, sparking a nationwide property crisis that had global ramifications. Trading in the company's Hong Kong-listed shares has been suspended since March 2022.

Evergrande said in the same month that it would not be able to publish its 2021 audited results within the timeframe required by Hong Kong's listing rules, blaming the delay on «a large number of additional audit procedures» and the Covid-19 pandemic. The company said Monday it had suffered a net loss of 686.22 billion yuan ($95.7 billion) in 2021 and 125.81 billion yuan in 2022, in long-delayed Hong Kong stock exchange filings that could bring Evergrande closer to a resumption of trading.

In 2021, the group said its total liabilities had swelled to 1.97 trillion yuan and warned of risks of defaults on borrowings. Unaudited results for 2022 showed the group's total liabilities had grown to 2.44 trillion yuan by December 2022, in a sign that Evergrande was still struggling to pay off debtors despite having sold off a number of subsidiaries.