Times China reported a sharp swing to profit in the six months ended 30 June 2026, booking RMB3.71 billion in net income versus a RMB3.42 billion loss a year earlier. The turnaround was driven by a RMB7.83 billion gain recognised on partial completion of the group’s on-shore debt restructuring.

Revenue fell 49.4 % year-on-year to RMB1.15 billion, reflecting a 57.3 % slide in property sales to RMB0.84 billion as hand-overs slowed. Contracted sales declined 36.2 % to RMB1.83 billion, with average selling price down 22.5 % to RMB9,797 per sq.m.

Cost-control measures kept selling expenses at RMB45.09 million (-28.8 % YoY) and trimmed administrative expenses to RMB195.50 million (-6.5 % YoY). Nevertheless, rising impairment charges (RMB536.80 million) and a RMB1.99 billion loss on remeasurements and disposals offset part of the restructuring gain.

Gross profit narrowed to RMB87.88 million, yielding a 7.7 % margin, virtually flat year-on-year. Finance costs declined 28.0 % to RMB832.28 million after the offshore debt restructuring completed in late 2025 and partial refinancing of on-shore borrowings.

Liquidity remains tight. Cash and cash equivalents stood at RMB0.40 billion against short-term interest-bearing payables of RMB13.54 billion. The group was in default on RMB8.88 billion of principal and RMB1.24 billion of interest, triggering cross-defaults of an additional RMB0.22 billion. Current liabilities exceeded current assets by RMB3.16 billion, and net liabilities totalled RMB3.83 billion.

To stabilise finances, Times China: • secured bondholder approval to stretch maturities of RMB13.07 billion in on-shore bonds to 2036–2038 at a 1 % coupon; • converted USD343.49 million of mandatory convertible bonds into equity; • cancelled USD61.54 million of unclaimed notes and MCBs after the holding period expired; and • obtained noteholder consent to certain covenant waivers on offshore debt in June 2026.

As at 30 June 2026 the group held 9.0 million sq.m. of land bank across the Pearl River Delta and selected Yangtze River and central-west cities, deemed sufficient for two to three years of development.

No interim dividend was declared.