China’s Country Garden delays publication of 2023 financial results

HONG KONG: Nation Garden, China’s most sensible seemingly non-public property developer, delayed the publication of its 2023 financial results on Thursday (Mar 28) asserting it wanted to rep extra knowledge to carry out acceptable accounting estimates and judgements.

“Because of the the valid volatility of the industry, the running ambiance the crew is confronting is popping into an increasing number of advanced,” it acknowledged in a filing.

The developer, which defaulted on US$11 billion of offshore bonds slack final yr and neglected a 96 million yuan (US$13.3 million) coupon payment this month, initially scheduled a board meeting on Thursday to approve its 2023 results.

Nation Garden shares will seemingly be suspended from Apr 2, pending the publication of the annual results, as is required below record solutions.

The firm acknowledged the suspension of trading assign no longer want a material impact on its operations, and this would maybe proceed to work carefully with its auditor, PricewaterhouseCoopers, to publish the outcomes as rapidly as practicable, with out giving a new publication date.

The firm, now in the strategy of restructuring its offshore debt, furthermore acknowledged it remains actively engaged in discussions with the collectors.