China's Country Garden flags H1 net loss, vows to address liquidity concerns

Debt-laden Chinese developer Country Garden expects to report a net loss for the first half of 2023 and said it would take measures to meet its debt obligations and fix operational issues to get the company back on track, it said on Thursday.

"One shall pick himself up from where he has fallen. The company will adhere to its responsibilities, spare no effort in self-rescue," the company said in a statement. In its rescue plan, the company aims to ensure the timely delivery of property projects, while also effectively controlling pre-sale monitoring funds. It said it also intends to adopt various debt management measures and ensure orderly operations, among others.

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