China Evergrande posts losses of $81B over two years

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Asia Pacific

China Evergrande posts losses of $81B over two years

The world's most indebted developer, Chinese property giant Evergrande, has revealed that in 2021 and 2022 it lost a combined $81 billion. The crisis-hit firm defaulted on its debt in 2021, and the results showed how much Evergrande has struggled amid a housing crisis that has rocked China over the past 2 years. The crisis was mainly fuelled by government restrictions on borrowing by developers, and by consumers curbing home purchases.