Shanghai, China (EFE) million euros) in 2022.
The company, which in 2020 had earned 8,076 million yuan (1,126 million dollars, 1,001 million euros), also indicated that, at the end of 2022, its total liabilities reached about 2.44 trillion yuan (339,917 million dollars, 302,317 million euros), 5.53% less than the previous year, but still almost 25% more than at the end of 2020.
Of this amount, 612,390 million yuan (85,384 million dollars, 75,939 million euros) correspond to loans, which represents a year-on-year increase of 0.82%.
The figures also reflect a 20.1% decrease in the value of the company’s total assets compared to 2020, standing at 1.84 trillion yuan (256,386 million dollars, 227,991 million euros).
In 2022, Evergrande had a turnover of 230,067 million yuan (32,084 million dollars, 28,529 million euros), which represents a drop of almost 8% compared to 2021 and close to 55% compared to 2020, whatever its last financial year before definitively going into crisis.
It should be noted that its off-plan sales, very common in China and regularly used by developers such as Evergrande to continue financing projects, fell from 723,250 million yuan (100,879 million dollars, 89,684 million euros) in 2020 to around 31,700 million yuan (4,422 million dollars, 3,931 million euros), a collapse of more than 95%.
Apart from operating losses, Evergrande attributed a large part of its negative results to factors such as the return of land or the loss of value due to impairment of financial assets.
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Despite the fact that the publication of these accounts was one of the conditions for Evergrande to resume its listing on the Hong Kong Stock Exchange, frozen since March last year after having lost almost 90% of its value since the beginning of 2021, the company indicated last night that this situation will continue “until further notice” despite the fact that the parquet can expel those companies that do not allow their shares to be traded for 18 consecutive months.
It should be noted that PwC resigned as Evergrande’s auditor due to discrepancies over the 2021 accounts, and that its new supervisor, Prism Hong Kong and Shanghai, indicated in the documents released yesterday that it “had not had access to sufficient financial information” to give an opinion. informed opinion on the figures.
In another statement also published on Monday night, the conglomerate indicated that it expects a hearing to be held before the Hong Kong Court on July 24 to discuss the details of the restructuring plan for its offshore debt, with similar initiatives the same day in the British Virgin Islands and, the next day, in the Cayman Islands.
Evergrande revealed this year that it will need additional financing of up to 300,000 million yuan (41,840 million dollars, 37,208 million euros) to meet its objective of guaranteeing the delivery of properties already sold off-plan, in line with the wishes of the Chinese government. .
The financial position of many Chinese real estate companies worsened after, in August 2020, Beijing announced restrictions on access to bank financing for developers that, like Evergrande, had accumulated a high level of debt, supporting their growth for years with aggressive leverage policies. .
In recent months, given the crisis in the sector, the Government has changed its tune and has announced various support measures, with state banks also opening multimillion-dollar lines of credit to various developers.