(Yicai) Jan. 15 -- Country Garden Holdings, a troubled Chinese property developer, has released its long-delayed 2023 annual report and first-half 2024 report, revealing a reduction in net loss last year due to lower expenses.

Net loss contracted by 74 percent year-over-year to CNY12.8 billion (USD1.7 billion) in the first half of last year, according to the interim report published by the Foshan-based real estate giant yesterday. Revenue declined 55 percent to CNY102.1 billion (USD13.9 billion).

In 2023, Country Garden recorded a record loss of CNY178.4 billion (USD24.3 billion), while revenue decreased by 7 percent to CNY401 billion from 2022. Asset impairment charges and bad debt provisions accounted for around 70 percent of the loss.

An industry insider told Yicai that Country Garden is expected to report a significantly reduced deficit for the full year of 2024, and contrary to market expectations, its net assets will remain positive. The source added that as the business environment gradually improves, the homebuilder is expected to return to healthy operations.

Country Garden's Hong Kong-traded shares [HKG: 2007] are expected to resume trading soon following this latest disclosure. The company's shares were suspended nearly a year ago after it failed to release its 2023 annual report by the March 31, 2024 deadline due to financial difficulties.

Once China's largest real estate developer with sales of CNY441.1 billion in 2022, Country Garden fell into a liquidity crisis and defaulted on its debts in the second half of 2023 amid an industry-wide downturn.

The builder is making progress in debt restructuring after announcing a scheme on Jan. 9. The company claims to have reached a consensus with a committee of seven major banks to reduce its debt by up to USD11.6 billion and extend debt maturity by up to 11.5 years.

As of June 30 last year, Country Garden's total interest-bearing liabilities were around CNY250 billion, according to the latest disclosure. Bank and other loans accounted for more than 60 percent at CNY153.9 billion, while the company also had CNY70.6 billion in senior notes, CNY19.4 billion in corporate bonds, and CNY6.3 billion (USD859.3 million) in convertible bonds.

Editors: Dou Shicong, Emmi Laine