Embattled property developer China Evergrande Group on Monday published its long delayed results for fiscal 2021 and 2022, posting significant losses and big drops in revenue, reports Reuters.
The world’s most indebted property developer reported a net loss of RMB 476 billion ($66.36 billion) and RMB 105.9 billion ($14.76 billion) for 2021 and 2022, respectively, versus a net profit of RMB 8.1 billion in 2020.
China’s property sector has seen a string of debt defaults by cash-squeezed developers over the past few years with Evergrande, which plunged into a debt crisis in the middle of 2021, at the centre of the crisis.