China’s Country Garden delays publication of 2023 financial results

China's Country Garden delays publication of 2023 financial results

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.

The working environment the party is dealing with is becoming more and more 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.

According to list regulations, Country Garden shares may be suspended starting on April 2 until the annual results are released.

The organization said the expulsion of investing would not have a material effect on its activities, and it will continue to work strongly with its accountant, Pwc, to publish the results as soon as practicable, without giving a new release date.

The business, which is currently restructuring its offshore debts, added that it is still constantly talking to the creditors.