China Evergrande cuts losses to RMB39.2b in 1H23

The group has implemented several schemes to improve liquidity.

Chinese real estate giant Evergrande Group has narrowed its losses for the first half of the financial year 2023 (1H23).

From January to June, the company recorded a net loss of RMB39.2b.

In the same period, Evergrande posted total liabilities amounting to RMB2,288.2b and operating losses amounting to RM17.38b.

On the flip side, the company saw improved revenue and gross profit of RMB128.18b and RMB9.80b, respectively.

In a bourse filing, the company said its directors have already taken several measures "to improve the liquidity position and financial position of the group.”