Chinese property development firm Evergrande Group H1 has reported a decline in its net losses a week after it filed for bankruptcy protections in the United States.
It reported a narrower net loss for January to June 2023 of ¥33 billion ($A7.05 billion), compared to ¥66.4 billion ($A14.18 billion) for the first half of 2022.
The company has defaulted on debt since the latter half of 2021 and has been left with unfinished homes and unpaid suppliers.
China’s largest private developer Country Garden was also unable to pay Evergrande payments earlier this month.
Revenue has risen for the company in the first half of the year by 44 per cent more compared to the previous year, settling at ¥128.2 billion.
Filing for US bankruptcy protections was part of a debt restructuring plan.
The company has also applied to resume trading its Hong Kong-listed stock after it was halted in March 2022 pending the 2021 and 2022 results report and an investigation into ¥13.4 billion in deposits taken from a subsidiary company.
Courts in Hong Kong and the Cayman Islands will soon decide whether to approve an offshore debt restructuring plan with $US31.7 billion on the line.
Meanwhile, Country Garden had liabilities of nearly $A300 billion at the end of 2022 and currently has a month to pay $A34.6 million interest repayment on two bonds.
