Chinese real estate giant posts $81 billion losses ...News

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Chinese real estate giant posts $81 billion losses
Evergrande has been hit by the property crisis that has rocked the world’s second largest economy over the past two years China Evergrande Group posted a combined loss of $81 billion over two years, its long-delayed results report published on Monday reveals. The world’s most indebted property developer defaulted in late 2021 and has been struggling to complete projects and repay suppliers and lenders. In March, Evergrande announced one of the country’s biggest debt restructuring programs and is now gathering support to complete the process. Evergrande’s net losses for 2021 and 2022 amounted to 476 billion yuan ($

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