Logan Group reported a net loss attributable to shareholders of RMB0.68 billion for the six months ended 30 June 2026, narrowing 62 % from the RMB1.78 billion deficit a year earlier. Total net loss for the period was RMB0.77 billion. Management cited an industry-wide downturn that kept gross profit margins depressed and necessitated additional inventory write-downs of RMB0.14 billion.

Revenue contracted 55.8 % year on year to RMB1.50 billion, led by a 57.2 % slide in property development income to RMB1.40 billion as project deliveries slowed. Property operation rental income contributed RMB0.11 billion, down 21.2 %. The steep revenue decline was partially offset by a reduction in gross loss to RMB0.21 billion (1H 2025: RMB1.37 billion) and lower finance costs of RMB0.14 billion (-29.8 %).

Basic and diluted loss per share narrowed to RMB12.22 cents from RMB32.24 cents. The Board declared no interim dividend.

Balance-sheet pressure persists. At 30 June 2026, Logan held current assets of RMB141.33 billion against current liabilities of RMB140.52 billion, leaving net current assets of RMB0.81 billion. Cash and bank balances stood at RMB7.16 billion. Total interest-bearing borrowings included RMB52.79 billion of current bank and other loans, RMB22.52 billion of senior notes due within one year, plus RMB7.39 billion of long-term bank and other loans and RMB6.80 billion of corporate bonds. Net assets were RMB21.36 billion.

Going-concern risks were highlighted by the independent reviewer, noting that continued viability depends on successful execution of liability-management plans, acceleration of project sales and asset disposals, and further onshore debt negotiations.

Debt restructuring advanced during the period. Logan’s offshore scheme of arrangement was approved by creditors on 24 July 2026 and sanctioned by courts in the Cayman Islands and Hong Kong, becoming effective on 21 August 2026. Onshore, the company has cancelled public bonds with a face value of RMB13.66 billion—over 62 % of the principal targeted in its onshore restructuring plan covering 21 bonds and ABS.

Operationally, the group delivered six project batches and secured attributable contracted sales of RMB2.48 billion (total contracted sales: RMB3.18 billion), with the Greater Bay Area contributing nearly half of sales. As at 30 June 2026, Logan’s land bank totalled 22.44 million sq m, 76 % of which is located in the Greater Bay Area and Yangtze River Delta.

Management plans to prioritise project deliveries, accelerate sales and receivables collection, cut costs, and continue asset disposals while completing the remaining phases of its debt restructuring in an effort to stabilise operations and restore its capital structure.