HONG KONG: Country Garden, China’s largest private property developer, delayed the publication of its 2023 financial results on Thursday (Mar 28) saying it needed to collect more information to make appropriate accounting estimates and judgements.
“Due to the continuous volatility of the industry, the operating environment the group is confronting is becoming increasingly complex,” it said in a filing.
The developer, which defaulted on US$11 billion of offshore bonds late last year and missed a 96 million yuan (US$13.3 million) coupon payment this month, originally scheduled a board meeting on Thursday to approve its 2023 results.
Country Garden shares will be suspended from Apr 2, pending the publication of the annual results, as is required under listing rules.
The company said the suspension of trading would not have a material impact on its operations, and it will continue to work closely with its auditor, PricewaterhouseCoopers, to publish the results as soon as practicable, without giving a new publication date.
The company, now in the process of restructuring its offshore debt, also said it remains actively engaged in discussions with the creditors.
