Evergrande: The Chinese property giant reports a $81 billion loss.

The company, which went bankrupt in late-2021, revealed its long-overdue results to investors in Hong Kong.

Evergrande has an estimated $300 billion (£229 billion) in debt.

The massive losses demonstrate how profoundly the developer has been shaken in recent years by the world’s second largest economy’s property market turmoil.

The corporation lost 476 billion yuan in 2021 and 105.9 billion yuan last year, according to disclosures to the Hong Kong Stock Exchange late Monday.

Over the last two years, revenue has more than half.

Evergrande attributed the losses to a variety of factors, including the declining value of properties and other assets, as well as increasing borrowing rates.

Since March of last year, shares in the business, which was previously China’s top-selling property developer, have been stopped from trading.

In 2020, new restrictions limiting the amount of money that large real estate enterprises may borrow shook China’s real estate market.

Evergrande missed a major deadline the next year, failing to settle interest on around $1.2 billion in overseas loans.

Its financial difficulties have reverberated throughout the country’s real estate market, with a number of other developers defaulting on their payments and abandoning incomplete construction projects around the country.

Evergrande announced plans earlier this year to restructure over $20 billion in international debt.

As it aggressively expanded to become one of China’s largest enterprises, the company accumulated debts totaling more than $300 billion.

Over the previous decade and a half, the company’s expansion has included sports, entertainment, and electric car manufacturing.

Evergrande took over Guangzhou FC in 2010 and renamed it Guangzhou Evergrande Taobao FC.

The squad was bolstered with extra funds, and it quickly gained promotion to the top league of Chinese football. It has won the Chinese Super League eight times since 2011, including seven seasons in a row.

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