The Logan Group announced its unaudited interim results for the first half of 2024, with contract sales reaching RMB 5.32 billion and revenue of RMB 14.05 billion. However, during the same period, the net loss expanded to RMB 1.8 billion, mainly due to the downturn in the real estate market leading to a decrease in gross margin and the provision of impairment for inventories. The current assets are RMB 171.62 billion, with a current ratio of 1.08. The board of directors has reviewed the interim results and compared them with the figures for the same period in 2023. The Logan Group is facing ongoing market challenges, including limited sources of financing from the capital markets and multiple lawsuits and arbitration disputes. To address the pressure on liquidity...Show More

The Logan Group announced its unaudited interim results for the first half of 2024, with contract sales reaching RMB 5.32 billion and revenue of RMB 14.05 billion. However, during the same period, the net loss expanded to RMB 1.8 billion, mainly due to the downturn in the real estate market leading to a decrease in gross margin and the provision of impairment for inventories. The current assets are RMB 171.62 billion, with a current ratio of 1.08. The board of directors has reviewed the interim results and compared them with the figures for the same period in 2023. The Logan Group is facing ongoing market challenges, including limited sources of financing from the capital markets and multiple lawsuits and arbitration disputes. To address the pressure on liquidity, the company is negotiating with financial institutions and creditors to extend loan terms and accelerate property sales proceeds. The company has formulated relevant plans and measures to ensure sufficient operating funds to meet the operational needs for at least fifteen months in the future. In addition, the company has reached an agreement with the group of creditors regarding the restructuring of US dollar senior notes, and the winding-up petition has been withdrawn by the courts in the Cayman Islands and Hong Kong in January 2024. The company does not propose to distribute interim dividends for the first half of 2024.