A growing number of Chinese construction and decoration companies are writing off assets or issuing profit warnings as debt woes at China Evergrande Group and other property developers debilitate their suppliers.
More such disclosures are expected during the upcoming earnings season, putting pressure on Chinese authorities to do more to limit the contagion from developers' financial crisis and avert job losses., a furniture maker, became the latest company to disclose losses linked to Evergrande, which has racked up over $300 billion in debt, including 200 billion yuan owed to suppliers via commercial paper.
In addition, China's property market downturn has dented the value of a company it acquired in 2020, resulting in impairment losses, Holike said, adding it has slashed business with Evergrande and is seeking claims. Beijing Jiayu Door, Window and Curtain Wall Co also flagged risks this week, saying it turned in a loss of up to 1.4 billion yuan last year, thanks to receivables from Evergrande that are likely to go sour.
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