Country Garden Holdings Company (2007) H2 2023 earnings summary

Executive summary

• Contracted sales attributable to shareholders reached RMB174.3 billion, with 21.7 million sq.m. sold in 2023.

• Total revenue was RMB401.0 billion, down 6.8% year-over-year.

• Over 600,000 housing units delivered, covering 249 cities in 31 provinces.

• The company is prioritizing delivery, operational stability, and credit management amid sector challenges.

Financial highlights

• Revenue decreased to RMB401.0 billion from RMB430.4 billion year-over-year.

• Loss before income tax was RMB167.3 billion, compared to a profit of RMB5.4 billion in 2022.

• Loss attributable to owners was RMB178.4 billion, versus RMB6.1 billion loss in 2022.

• Gross loss of RMB93.6 billion, compared to gross profit of RMB32.9 billion last year.

• Total cash at year-end was RMB63.8 billion; total debt decreased to RMB249.6 billion.

Outlook and guidance

• The company expects continued industry challenges but sees long-term demand and potential in the property sector.

• Plans to focus on core geographies, streamline operations, and explore new business models in construction technology and agency services.

• Emphasis on cost control, asset revitalization, and debt management to address liquidity pressures.