Country Garden Delays Financial Results

(Reuters) – China’s largest property developer, Country Garden, announced on Friday that it is further delaying the release of its 2023 financial results due to an ongoing debt restructuring process.

The company had previously postponed the results back in March, citing the need for more time to gather information necessary for accurate accounting estimates and judgments.

The Group will finalize and publish the 2023 annual results and dispatch the 2023 annual report as soon as practicable, said the company in an exchange filing.

According to certain listing rules of the Hong Kong bourse, Country Garden, which defaulted on $11 billion of offshore bonds late last year, was required to publish its earnings for the first half of fiscal 2024 by the end of August.

The company also stated it will not be able to announce its results for the six months ending June. Trading of its shares, which have been suspended since early April, will continue to be suspended.