Chinese property giants hit hard with nearly USD 3 billion in forex losses ...Middle East

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Chinese property giants hit hard with nearly USD 3 billion in forex losses
source : Devdiscourse ( Middle East ) () 45
Beijing [China], September 21 (ANI): China's leading real estate firms have reported nearly USD 3 billion in foreign exchange losses for the first half of this year, primarily due to the depreciation of the yuan against the US dollar. This has exacerbated their challenges in generating funds to repay their growing debts, according to Nikkei Asia. The total net foreign exchange losses for 24 of the top 30 mainland listed Chinese developers by contracted sales before the COVID crackdown in 2020 totalled 21.25 billion yuan (USD 2.75 billion) for the first six months of this year, according to research by Nikkei Asia.

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