Summary by Moomoo AI
Longuang Group Co., Ltd. announced its annual results for the year ended December 31, 2023, with contract sales of RMB190.5 billion, revenue of RMB471.7 billion, and a net loss of RMB88.6 billion for the year. The loss was mainly due to the continued weakness of the real estate sector, a decrease in the gross interest rate on projects; and the provision for inventory depreciation. Total assets are RMB2,483.8 billion, current assets are RMB1,925.0 billion; and the liquidity ratio is 1.18. Lung Kwong Group said that in the face of slowing real estate market growth, it will continue to implement measures to strengthen project sales and recapitalization, and actively communicate with creditors to improve its financial situation. In the future, the company will stick to production operations and debt management and seek cash through asset sales and external financing. In addition, the Company has reached an agreement with the creditors' group on the USD priority note restructuring terms and signed a creditor support agreement on January 12, 2024, with over 90% of senior note holders joining the agreement.