kwg group recorded a loss of approximately RMB 81.33 million for the six months ended June 30, 2024, a decrease from the loss of approximately RMB 99.29 million in the same period last year. During the period, the group's revenue was approximately RMB 52.34 million, a decrease of 29.8% compared to approximately RMB 74.54 million in the same period last year. Property development revenue was approximately RMB 44.21 million, a decrease of 33.1% compared to approximately RMB 66.04 million in the same period last year. Property investment revenue was approximately RMB 4.47 million, a decrease of 1.7% compared to approximately RMB 4.55 million in the same period last year. Hotel operating revenue was approximately RMB 3.65 million, a decrease of 7.5% compared to approximately RMB 3.95 million in the same period last year. During the...Show More

kwg group recorded a loss of approximately RMB 81.33 million for the six months ended June 30, 2024, a decrease from the loss of approximately RMB 99.29 million in the same period last year. During the period, the group's revenue was approximately RMB 52.34 million, a decrease of 29.8% compared to approximately RMB 74.54 million in the same period last year. Property development revenue was approximately RMB 44.21 million, a decrease of 33.1% compared to approximately RMB 66.04 million in the same period last year. Property investment revenue was approximately RMB 4.47 million, a decrease of 1.7% compared to approximately RMB 4.55 million in the same period last year. Hotel operating revenue was approximately RMB 3.65 million, a decrease of 7.5% compared to approximately RMB 3.95 million in the same period last year. During the period, the group continued to face liquidity pressures and was unable to repay principal and interest on certain promissory notes and bank and other borrowings in a timely manner, triggering defaults or cross defaults under the relevant loan agreements. The group has formulated multiple measures to improve its financial position, including negotiating with financial institutions for the extension and renewal of existing domestic bank borrowings, exploring overseas debt restructuring plans, accelerating property sales, and recovering receivables. The board of directors believes that the preparation of the consolidated financial statements on a going concern basis is appropriate.