Logan Group reported a net loss attributable to shareholders of RMB676.11 million for the six months ended 30 June 2026, narrowing 62.1% from the RMB1.78 billion loss posted a year earlier. Total loss for the period stood at RMB773.52 million, down 60.5% year-on-year.
Revenue declined 55.8% to RMB1.50 billion, reflecting a 57.2% contraction in property-development income to RMB1.40 billion. Regional contribution to development revenue was led by the Yangtze River Delta (43.4%), followed by the Greater Bay Area (30.3%), the Southwest (18.6%) and other regions (7.7%).
Gross loss narrowed to RMB213.68 million from RMB1.37 billion a year earlier, supported by lower inventory write-downs (RMB135.68 million vs. RMB870.00 million in H1 2025). Selling and marketing expenses rose 29.0% to RMB216.08 million, while administrative expenses inched up 2.2% to RMB258.04 million. Net finance costs fell 29.8% to RMB136.14 million.
Contracted sales reached RMB3.18 billion on 0.25 million sq.m. of gross floor area. The Greater Bay Area remained the core driver, contributing 49.4% of sales value.
Total assets slipped 1.7% to RMB184.79 billion. Cash and bank balances were RMB7.16 billion, down 10.2% from end-2025. Net gearing was not disclosed, but current liabilities of RMB140.52 billion marginally exceeded current assets, leaving net current assets of RMB0.81 billion.
The group completed delivery of six project batches in the period and held 22.44 million sq.m. of land reserves, with about 75% of land value located in the Greater Bay and Yangtze River Delta regions.
Restructuring Milestones • Offshore: A comprehensive restructuring scheme covering all offshore debt was approved by creditors on 24 July 2026 and sanctioned by courts in the Cayman Islands and Hong Kong on 4 and 13 August respectively, becoming effective on 21 August 2026. • Onshore: Of 21 domestic bonds and ABS issued by subsidiary Shenzhen Logan Holdings, instruments with a face value of RMB13.66 billion—over 62% of the original principal—have been cancelled under the ongoing restructuring.
Auditor CLA Prism Hong Kong highlighted material uncertainties related to going-concern, citing industry conditions and the group’s liquidity position. Management is pursuing asset sales, accelerated project sales, cost controls and the finalisation of onshore restructuring to stabilise operations.
No interim dividend was declared. The board reaffirmed its focus on project delivery, risk control and completing both on- and offshore liability management to restore a sustainable capital structure.