Country Garden posts 1st profit since 2022 on restructuring gain

Companies

Core business remains weak as developer reports underlying loss

Chinese property developer Country Garden logged its first annual net profit in three years on March 30, helped by a conversion of part of its debt to equity.  © Reuters

HONG KONG — Chinese property developer Country Garden reported its first annual net profit since 2022, as the completion of a restructuring plan delivered a one-off gain despite few signs of an underlying recovery in its business.