Xuhui Holdings (Group) Co., Ltd. ("Xuhui Holdings" or the "Company") announced the unaudited condensed interim financial statements for the six months ended June 30, 2024. During the reporting period, the company recorded contract sales amounting to RMB 20.31 billion, a decrease of 51.6% compared to the same period last year. Recognized revenue was RMB 20,206,000,000, down 35.5% year-on-year. The company incurred a loss of approximately RMB 4,440,400,000 for the period, compared to a loss of approximately RMB 9,132,100,000 in the same period last year. The company's core net loss was approximately RMB 3,401,000,000, compared to approximately RMB 1,764,700,000 in the same period last year. The company faced liquidity pressures and was unable to repay the principal and interest of overseas senior notes, certain bank borrowings, and overseas...Show More

Xuhui Holdings (Group) Co., Ltd. ("Xuhui Holdings" or the "Company") announced the unaudited condensed interim financial statements for the six months ended June 30, 2024. During the reporting period, the company recorded contract sales amounting to RMB 20.31 billion, a decrease of 51.6% compared to the same period last year. Recognized revenue was RMB 20,206,000,000, down 35.5% year-on-year. The company incurred a loss of approximately RMB 4,440,400,000 for the period, compared to a loss of approximately RMB 9,132,100,000 in the same period last year. The company's core net loss was approximately RMB 3,401,000,000, compared to approximately RMB 1,764,700,000 in the same period last year. The company faced liquidity pressures and was unable to repay the principal and interest of overseas senior notes, certain bank borrowings, and overseas convertible bonds in a timely manner, leading to defaults or cross defaults. The company has taken multiple measures to improve its financial position, including restructuring financing arrangements, negotiating with financial institutions for the continuation and extension of existing domestic bank borrowings, accelerating property sales and receipts, implementing cost-saving measures, and seeking to sell non-core assets, among others. The board of directors, after review, believes that the company will have sufficient funds to continue its operations and has decided to prepare the financial statements on a going concern basis.