Chinese developer Evergrande reveals $81bn loss from property crisis

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Residential buildings at Evergrande's City Plaza development in Beijing. The company has posted losses of $81 billion (€72 billion) over a two-year period, revealing for the first time the financial fallout of a 2021 default that sparked an ongoing crisis in the country’s property sector. Photograph: Andrea Verdelli/Bloomberg Chinese property developer Evergrande has posted losses of $81 billion (€72 billion) over a two-year period, revealing for the first time the financial fallout of a 2021 default that sparked an ongoing crisis in the country’s property sector. The group, which is in the midst of a lengthy restructuring process after it...