Summary by Moomoo AI
Shimao Group recorded a loss of approximately RMB 22.7 billion in the six months ended on June 30, 2024, and faces a borrowing pressure of approximately RMB 256.6 billion, of which approximately RMB 201.6 billion will mature within the next 12 months. The group is actively proceeding with overseas debt restructuring and engaging in dialogues with creditors to resolve litigation matters. During the period, Shimao Group sold and liquidated several subsidiaries, and engaged in trades with non-controlling interests, resulting in a net inflow of cash of approximately RMB 1.87 million and a net income of approximately RMB 0.32 million. Additionally, Shimao Group completed significant asset disposal after the reporting period, including the sale of all equity in a comprehensive residential, commercial, and mixed-use development project company located in Jimei District, Xiamen City, for a transaction price of RMB 0.59634 billion.
