Country Garden Holdings Company (2007) H1 2026 earnings summary

Executive summary

• Revenue declined 39.3% year-over-year to RMB44.08 billion in H1 2026, mainly due to lower property deliveries and a sluggish real estate market.

• Loss attributable to owners narrowed to RMB15.62 billion from RMB19.08 billion in H1 2025, with a net loss of RMB16.44 billion.

• The Group prioritized project completion, risk mitigation, and asset/liability restoration, focusing on stabilizing operations and fulfilling property delivery commitments.

• Offshore and onshore debt restructuring advanced, with significant bond conversions, equity issuances, and repurchases to address liquidity and solvency.

Financial highlights

• Revenue: RMB44.08 billion, down 39.3% year-over-year.

• Gross loss: RMB5.99 billion, mainly due to a RMB6.17 billion net write-down of properties.

• Loss before income tax: RMB12.22 billion (vs. RMB15.35 billion in H1 2025).

• Basic and diluted loss per share: RMB0.37 (vs. RMB0.69 in H1 2025).

• Cash and cash equivalents plus restricted cash totaled RMB16.68 billion at period end.

• Borrowings: RMB142.66 billion (down from RMB147.96 billion at end-2025), with RMB101.55 billion classified as current liabilities.

• No interim dividend declared.

Outlook and guidance

• The Group expects continued industry adjustment and a slow path to stabilization, with ongoing focus on project delivery, debt management, and operational transition.

• Management remains cautious due to market uncertainties and liquidity pressures but aims to leverage policy support, technology, and internal reforms for sustainable development.