China’s largest developer has reported a record loss in the first six months of the year.
Country Garden said its losses for H1 had soared to 49bn yuan, or £5.3bn by the end of June. It is a sharp reversal from the 612m yuan profit it made a year earlier.
The losses suggest that Country Garden is edging closer to defaulting on its debts after missing payments on two offshore bonds and delaying a vote among international creditors on its restructuring plan. It also has suspended trading in some of its bonds.
As of the end of last year, the property group had amassed $194bn of liabilities.
