China Evergrande's First-Half Net Loss Shrinks to $4.5 Billion

China Evergrande Group, the world's most-indebted property developer, reported a narrower net loss of $4.5 billion for the first half of the year, compared to a loss of $9.1 billion in the same period last year. The company's revenue rose by 44% to 128.2 billion yuan ($18.6 billion), but its cash fell by 6.3% to 13.4 billion yuan. Evergrande is facing a crisis in China's property sector, with debt defaults and unfinished homes causing consumer confidence to plummet. The company's ability to continue depends on the successful implementation of an offshore debt restructuring plan and negotiations with lenders. Evergrande filed for U.S. bankruptcy protection earlier this month as part of a massive debt restructuring operation.