Country Garden Posts Record Loss, Pledges Debt Overhaul Progress

Country Garden Holdings Co. suffered another record loss in 2023 as the Chinese property giant pledged to clinch a deal with creditors on a debt restructuring plan by June.

The embattled real estate firm reported a loss attributable to shareholders of 178.4 billion yuan ($24.3 billion) for the year, compared with a loss of 6 billion yuan in 2022, an exchange filing showed late Tuesday. Its loss narrowed in the first half of 2024 to 12.8 billion yuan, from 48.9 billion yuan in the same period a year earlier.

Country Garden says it expects to reach an agreement with offshore ...