Over the last three years, the shares have lost more than 99% of their value as Beijing has cracked down on property enterprises.
Evergrande is at the epicenter of a real estate market crisis that is endangering China’s second largest economy.
The company reported a 33 billion yuan ($4.5 billion; £3.6 billion) loss for the first six months of the year on Sunday.
However, this was an improvement from the previous year’s loss of 66.4 billion yuan.
Evergrande said in a Hong Kong Stock Exchange filing that its directors “have taken a number of measures to improve the group’s liquidity position and financial position.”
According to the company, revenue for the first six months of this year increased by 44% year on year to 128.2 billion yuan. However, its cash reserves declined by 6.3% during the same time period.
Evergrande shares had been delisted since March of last year.
“At this point, the key for policymakers is to prevent financial contagion and limit spillover into the overall financial system,” said Qian Wang, chief Asia Pacific economist at investment firm Vanguard, to the BBC.
“Policymakers will need to provide further liquidity and credit support to the economy and real estate sector,” she added.
China Evergrande declares bankruptcy in the United States.
Evergrande, which is in financial trouble, has proposed a reorganization plan.
Concerns over China’s post-pandemic recovery have been exacerbated by problems in the country’s property market.
Also on Monday, China cut a 0.1% fee on stock trading in half in order to “revitalize the capital market and boost investor confidence.”
The move comes only days after the country’s central bank reduced one of its major interest rates for the second time in three months, citing decreasing exports and sluggish consumer spending.
Following the news, major stock indices in Hong Kong and mainland China climbed.
Evergrande said last month that it will lose 581.9 billion yuan in 2021 and 2022.
Country Garden, one of China’s largest property developers, warned earlier this month that it could lose up to $7.6 billion (£6 billion) in the first six months of the year.
Moody’s reduced the company’s credit rating, citing “heightened liquidity and refinancing risks.”
In 2020, new restrictions limiting the amount of money that large real estate enterprises may borrow shook China’s real estate market.
Evergrande, previously China’s top-selling developer, had amassed debts totaling more than $300 billion as it aggressively expanded to become one of the country’s largest corporations.
The company missed a major deadline in 2021 by failing to make interest payments on over $1.2 billion in international loans.
Evergrande has been attempting to renegotiate its debt repayment agreements with creditors after falling behind on payments.
The corporation filed for Chapter 15 bankruptcy protection earlier this month in a New York court.
Chapter 15 bankruptcy preserves a foreign company’s assets in the United States while it tries to restructure its debts.
Evergrande’s financial woes have reverberated throughout the country’s real estate market, with a number of other developers defaulting on their payments and abandoning incomplete construction projects around the country.
