China’s Evergrande says losses narrowed by 50% in the first half of 2023 as shares plunge

Play Hong Kong CNN —

Evergrande Group, the world’s most indebted real estate developer, has reported a significant narrowing in its net losses for the first half of the year, thanks to a rise in revenue because of “the short boom of the property market” earlier this year.

But its shares still plunged more than 70% on Monday after they resumed trading following a 17-month suspension, even as shares in most Chinese property firms traded higher after Beijing further eased property measures.For years, the Shenzhen-based company was one of China’s largest property developers by sales. But it had borrowed heavily […]

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By Donato