Jan 14 Reuters Country Garden, once China39;s top property developer by sales, posted on Tuesday a net loss of 12.84 billion yuan 1.75 billion for the first half of 2024, as conditions deteriorated amid a prolonged sectorwide slump.

The loss followed a fullyear net loss of 178.40 billion yuan for 2023, the company said in a separate statement.

Country Garden, which defaulted on 11 billion in offshore bonds in late 2023, had delayed the publication of its 2023 fullyear and 2024 interim results.

The developer39;s shares have been suspended from trading since April 2, 2024, and will remain suspended, it said.

1 7.3311 Chinese yuan renminbi

Reporting by Rishav Chatterjee and Clare Jim; Editing by Shreya Biswas

Source Reuters