Country Garden reports RMB19.76 bn comprehensive loss in H1 2025

Country Garden Holdings Company Limited reported a total comprehensive loss of RMB19,760 million for the six months ended June 30, 2025, with RMB19,078 million attributable to owners. This represents a significant increase from the RMB14,930 million total comprehensive loss in the corresponding period of 2024. Revenue for the period decreased by 28.9% to RMB72,570 million, down from RMB102,102 million in the first half of 2024, primarily due to a 29.1% drop in property development revenue.

As of June 30, 2025, the group's total assets stood at RMB909,328 million, a decrease from RMB1,035,843 million at the end of 2024. The company also reported net current liabilities of RMB43,657 million and total borrowings of RMB254,583 million, with RMB222,354 million classified as current liabilities. Cash and cash equivalents amounted to RMB6,282 million, and restricted cash was RMB17,780 million. The capital gearing ratio increased to 90.6% from 81.4% at year-end 2024, reflecting the challenging financial landscape.

The company is actively pursuing an offshore debt restructuring, with key terms agreed upon and over 77% of public noteholders acceding to the agreement as of August 18, 2025. Approximately RMB186,184 million of the group’s indebtedness was defaulted or cross-defaulted. A winding-up petition, filed in February 2024, has been adjourned until January 2026, with the petitioner indicating support for the restructuring.