CIFI Holdings (Group) Co., Ltd. released unaudited results for the six months ended 30 June 2026 showing a continued earnings slide but further balance-sheet deleveraging.
• Revenue dropped 63.1 % year on year to RMB 4.54 billion, reflecting a 53.6 % contraction in property sales to RMB 3.77 billion and a 98.9 % plunge in property-management income after the 2025 disposal of Ever Sunshine Services.
• Gross profit fell 65.4 % to RMB 340.28 million; gross margin held at 7.5 % versus 8.0 % a year earlier.
• Net loss attributable to shareholders narrowed marginally to RMB 5.99 billion (1H 2025: RMB 6.36 billion), while total comprehensive loss reached RMB 6.20 billion. Core net loss was RMB 1.81 billion.
• Write-downs on inventory and projects under development totalled RMB 1.93 billion, and fair-value losses on investment properties expanded to RMB 1.30 billion.
• Finance costs expensed declined 38.7 % to RMB 1.19 billion, aided by a 44.2 % reduction in total borrowing costs.
• Total interest-bearing debt fell to RMB 48.47 billion, down RMB 1.97 billion from December 2025 and RMB 35.70 billion from the 2021 peak. Net debt-to-equity stood at 78.6 %.
• Cash and cash equivalents, including restricted balances, rose slightly to RMB 6.93 billion; operating cash flow remained positive for a fifth consecutive year.
• Contracted sales decreased 50.6 % to RMB 5.02 billion on 489,900 sq m of GFA, with an average selling price of RMB 10,251 per sq m.
• Investment-property rental and related income slipped 7.1 % to RMB 730.27 million; 27 assets with 1.74 million sq m are currently generating rental revenue.
Going-concern risk persists. CIFI missed certain offshore restructuring payments and bank-loan principals, triggering defaults on RMB 19.25 billion of bank loans, senior notes and convertible bonds. Management is negotiating extensions, pursuing asset sales—including London holdings—and considering further light-asset strategies. An independent review highlighted “material uncertainty” over the group’s ability to continue as a going concern.
Post-period, a special-purpose vehicle agreed to subscribe for 407.94 million new shares tied to an onshore bond equity-option, with sale proceeds applied to settle RMB 600 million of related debt.
No interim dividend was declared.