Introduction

Troubled Chinese real estate group Evergrande released long-delayed financial year 2021 and 2022 results today Monday, posting huge losses and a sharp decline in earnings.

The world’s largest real estate group posted a net loss of 476 billion yuan ($66.36 billion) in 2021 and 105.9 billion yuan ($14.76 billion) in 2022 compared to a net profit of 8.1 billion yuan in 2020.

Financial Troubles in China’s Real Estate Sector

Over the past few years, China’s real estate sector has seen a series of defaults by developers in financial trouble.

Chinese group Evergrande has been at the center of the crisis since mid-2021.