HONG KONG: Country Garden, China’s largest personal property developer, delayed the publication of its 2023 monetary outcomes on Thursday (Mar 28) saying it wanted to gather extra info to make acceptable accounting estimates and judgements.
“Due to the continuous volatility of the industry, the operating environment the group is confronting is becoming increasingly complex,” it stated in a submitting.
The developer, which defaulted on US$11 billion of offshore bonds late final yr and missed a 96 million yuan (US$13.3 million) coupon cost this month, initially scheduled a board assembly on Thursday to approve its 2023 outcomes.
Country Garden shares will likely be suspended from Apr 2, pending the publication of the annual outcomes, as is required beneath itemizing guidelines.
The firm stated the suspension of buying and selling wouldn’t have a fabric impression on its operations, and it’ll proceed to work carefully with its auditor, PricewaterhouseCoopers, to publish the outcomes as quickly as practicable, with out giving a brand new publication date.
The firm, now within the technique of restructuring its offshore debt, additionally stated it stays actively engaged in discussions with the collectors.
https://www.channelnewsasia.com/business/chinas-country-garden-delays-publication-2023-financial-results-4228401
