In long-delayed results published Tuesday, China Evergrande Group posted a combined total loss of $81 billion over two years.

In late 2021, the world’s most debt-burdened property developer defaulted on bond payments, and since has struggled to complete projects and pay out owed funding to suppliers and lenders. This March, the developer announced it was undertaking one of the nation’s largest debt restructuring programs, and it is in the process of amassing support to finish the process.

The developer’s net losses for 2021 and 2022 added up to 476 billion yuan ($66.36 billion) and 105.9 billion yuan, respectively after factoring in write-downs of properties, return of lands, losses on financial assets, and financing costs, according to the company.

Analysts noted they were not optimistic about the developer’s future.

Charles Macgregor, the head of Asia at Lucror Analytics, said, “Results are meaningless if the business model is broken.”

Evergrande’s report gives an idea of the scale of the issues facing one of China’s biggest real estate developers, as the Chinese economy has been jolted by a property crisis over the past two years. The developer’s debt crunch ignited worries about other developers, and that sent waves through the entire Chinese property sector, setting off a number of defaults and leaving property projects abandoned throughout the nation.

The report revealed the developer’s first two full-year losses since it was first listed in 2009. Since last March, the shares of the developer listed in Hong Kong have seen their trading halted, pending the 2021 and 2022 reports. On Monday, Evergrande noted their trading would remain suspended. If the company’s shares are suspended from trading for 18 months, they may be delisted.