Evergrande reveals £62bn losses in delayed results

investmentweek.co.uk:

As of 31 December 2022, the firm’s total liabilities amounted to CNY 2.4trn (£260bn)

Posting its full year 2021 and 2022 results on the Stock Exchange of Hong Kong, the developer revealed losses of CNY 476bn (£51bn) and CNY 106bn (£11bn) across the two years, respectively.

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As at 31 December 2022, the firm's total liabilities amounted to CNY 2.4trn (£260bn), of which CNY 721bn (£76.8bn) was contract liabilities, CNY 612bn (£65.2bn) was borrowing and CNY 596bn (£63.5bn) was construction material payables.

This has decreased slightly from total liabilities of CNY 2.6bn (£275bn) at the end of 2021.

Revenues for the firm halved in 2021, falling to CNY 250bn (£26.6bn), while they sat at CNY 230bn (£24.5bn) in 2022.

Following the firm's default two years ago, which sparked a major crisis within the Chinese property market, the firm has repeatedly failed to pay back its debts.

Trading for the firm has been suspended on the Hong Kong bourse since March 2022 due to a lack of financial results, and risks being delisted if shares remain suspended for 18 months.

Evergrande sets restructuring timeline following 2021 default — reports

Following the publication of the results, Evergrande said it was now attempting to complete its debt restructuring plan and convene meetings for offshore creditors to approve its credit overhaul plan.

Court hearings are scheduled to take place next week for its restructuring plan, the firm said. It is also facing a winding-up hearing at the end of this month, which could lead to court-ordered liquidation.

In April, Evergrande said investors holding 77% of its Class A bonds endorsed its debt restructuring plan, while only 30% of Class C holders