China debt crunch

China's distressed property developer losses start to pile up

Evergrande withdraws New York bankruptcy application

20240325 Kaisa Group Holdings

Kaisa Group Holdings, a midsize developer in default, says its net loss for 2023 is expected to have widened from the year before, an example of flowing red ink in China's distressed property sector. © Reuters

KENJI KAWASE and ECHO WONG, Nikkei staff writers
March 25, 2024 18:11 JST

HONG KONG -- The severity of the financial damage to China's distressed property developers is becoming clear.

Through profit warnings, three midsize Hong Kong-listed real estate companies over the weekend announced billions of dollars in net losses, while China Evergrande Group said it had withdrawn its bankruptcy filing in New York.

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