Chinese property developer Evergrande posts $81 billion loss over the past two years

China Evergrande Group posted a combined nonaccomplishment of $81 cardinal successful its agelong overdue net study precocious connected Monday.

The world's astir indebted spot developer fell into default successful 2021 and announced an offshore indebtedness restructuring programme successful March, having struggled to decorativeness projects and repay suppliers and lenders.

Evergrande's nett losses for 2021 and 2022 were 476 cardinal yuan ($66.36 billion) and 105.9 cardinal yuan ($14.76 billion), respectively, arsenic a effect of writedowns of properties, instrumentality of lands, losses connected fiscal assets and financing costs, the institution said.

In its past mean twelvemonth of operation, 2020, Evergrande posted a nett net of 8.1 cardinal yuan.

Evergrande's colossal indebtedness heap successful caller years has go the source of superior interest astir China's spot sector, a bedrock of the Chinese economy, with defaults and abandoned spot projects seen crossed the country.