Embattled Chinese property developer Country Garden Holdings said its net loss for the first half of 2024 narrowed to 12.8 billion yuan (US$1.75 billion) from 48.9 billion yuan a year earlier, as the slump in China’s property market continued into 2025 despite Beijing’s recent support for the sector.

The company reported a net loss of 174.8 billion yuan ($23.8 billion) for 2023, widening sharply from a 6.05 billion yuan loss the previous year, according to an unaudited full-year report released late Tuesday after a monthslong delay. Total revenue shrank to 401 billion yuan from 430 billion yuan in 2022.

Country Garden, once China's biggest developer and now facing a liquidation lawsuit, reported steep losses on Tuesday in its long-overdue 2023 and interim 2024 financial results, hurt by large provisions amid a prolonged property sector crisis.

Country Garden Holdings Co. suffered another record loss in 2023 as the Chinese property giant pledged to clinch a deal with creditors on a debt restructuring plan by June.Most Read from BloombergThese Homes Withstood the LA Fires.

The Chinese developer released its long-delayed results showing that its net loss narrowed in the first half of 2024 following a record loss in 2023.

Country Garden said it expected to post a narrower annual loss in 2024 as the embattled developer looks to revive its business and stave off a liquidation lawsuit after reporting a record 178.4 billion yuan ($24.