EVERGRANDE announces interim results with shareholders' net loss of RMB 33.012 billion, a YoY decrease of 50.25%. Land reserves reach 190 million square meters.
According to the Earnings Report released by Evergrande, the company's revenue for the first half of 2023 was RMB 128.181 billion, representing a YoY growth of 43.57%. The company's attributable loss to shareholders was RMB 33.012 billion, narrowing by 50.25% YoY. The basic loss per share was RMB 2.972. The company has applied to the Stock Exchange for the resumption of trading its shares starting from 9:00 am on August 28, 2023. In the first half of 2023, the group achieved contracted sales of RMB 33.413 billion, with a contracted sales area of 5.115 million square meters. The cumulative sales collection in the first half of the year was RMB 27.1 billion. As of June 30, 2023, the group had a land reserve of 190 million square meters. In addition, the group participated in 78 urban renewal projects, including 55 in the Greater Bay Area (34 in Shenzhen) and 23 in other cities. As of June 30, 2023, the total liabilities of the group amounted to RMB 2,382.20 billion, which decreased to RMB 1,784.22 billion after excluding contracted liabilities of RMB 603.98 billion. Among them, borrowings amounted to RMB 624.77 billion, accounts payable and other payables amounted to RMB 1,056.57 billion (including RMB 596.17 billion of payable engineering materials), and other liabilities amounted to RMB 102.88 billion. During the period, the company actively planned for sales recovery and successfully seized the early-year rebound in the real estate market, achieving a significant YoY growth in sales performance. At the same time, the company has always prioritized stable operations and risk management, making every effort to ensure the delivery of properties.
According to the Earnings Report released by EVERGRANDE (03333), the company achieved a revenue of RMB 128.181 billion in the first half of 2023, representing a YoY growth of 43.57%. The company's attributable loss to shareholders was RMB 33.012 billion, narrowing by 50.25% YoY. The basic loss per share was RMB 2.972. The company has applied to the Stock Exchange for the resumption of trading its shares starting from 9:00 am on August 28, 2023.
In the first half of 2023, the group achieved contracted sales of RMB 33.413 billion, with a contracted sales area of 5.115 million square meters. The cumulative sales collection in the first half of the year amounted to RMB 27.1 billion. As of June 30, 2023, the group had a land reserve of 190 million square meters. In addition, the group participated in 78 urban renewal projects, including 55 in the Greater Bay Area (34 in Shenzhen) and 23 in other cities.
As of June 30, 2023, the group's total liabilities amounted to RMB 2,382.20 billion. After excluding contracted liabilities of RMB 603.98 billion, the remaining liabilities were RMB 1,784.22 billion, including borrowings of RMB 624.77 billion, trade payables and other payables of RMB 1,056.57 billion (including engineering materials payables of RMB 596.17 billion), and other liabilities of RMB 102.88 billion.
During the period, the company actively planned for sales recovery and successfully seized the early-year rebound in the property market, achieving a significant YoY growth in sales performance. At the same time, the company has always prioritized stable operations and risk management, making every effort to ensure the delivery of properties. In accordance with the principles of respecting international restructuring practices and treating all creditors' rights and demands fairly and impartially, the company has steadily advanced the work related to overseas debt restructuring and signed an overseas restructuring support agreement with creditors in April. The company has obtained approvals from courts in three jurisdictions to convene creditor meetings to facilitate the implementation of the restructuring agreement. The company has also obtained approval from the High Court of Hong Kong to postpone the hearing of the winding-up petition.
Looking ahead, the company will firmly assume the responsibility of self-rescue and risk mitigation, and carry out specific tasks to ensure property delivery. It will also continue to operate in sectors such as automobiles and property services, actively introduce high-quality resources, and enhance internal growth momentum. The company will accelerate the progress of overseas debt restructuring to safeguard the long-term interests of all types of creditors. Furthermore, it will continuously improve internal risk control and management efficiency, stabilize the team, and steadily advance daily operations.