Country Garden Holdings Company (2007) H2 2024 earnings summary

Executive summary

• Revenue fell 37.0% year-over-year to RMB252.8 billion, with net loss narrowing to RMB35.1 billion from RMB201.0 billion in 2023.

• Contracted sales attributable to shareholders reached RMB47.2 billion, with 4.92 million sq.m. GFA.

• Over 380,000 housing units delivered in 2024, maintaining industry leadership in delivery.

• Significant progress in offshore debt restructuring, targeting USD11.6 billion deleveraging and maturity extension up to 11.5 years.

Financial highlights

• Gross loss of RMB1.7 billion, improved from RMB93.6 billion loss in 2023.

• Loss attributable to owners was RMB32.8 billion, down 81.6% year-over-year.

• Selling and marketing plus administrative expenses dropped 40.2% to RMB10.8 billion.

• Total debt increased to RMB253.5 billion, with net current liabilities of RMB25.9 billion.

• Total cash (including restricted) at year-end was RMB29.9 billion, down from RMB63.8 billion.

Outlook and guidance

• Management expects policy support and market stabilization in 2025, focusing on delivery, capital and debt stabilization, and operational efficiency.

• Plans to revitalize underperforming assets, streamline structure, and intensify expense controls.