The Chinese property developer said its net loss was 48.93 billion Chinese yuan ($6.72 billion) for the six-month period ended June 30 compared with a net profit of CNY612 million in the year-earlier period. Country Garden has said it is aiming to resolve liquidity pressure and is considering adopting debt-management steps to safeguard interests of stakeholders. The company's cash and cash equivalents fell to CNY101.115 billion at the end of June from CNY128.28 billion at the end of 2022. Write to Kosaku Narioka at kosaku.narioka@wsj.comRelated:Troubled Country Garden will be dropped from Hong Kong's Hang Seng Index-This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal. (END) Dow Jones Newswires08-30-23 1259ETCopyright (c) 2023 Dow Jones & Company, Inc.

Source: Wall Street Journal August 30, 2023 17:02 UTC